The deal, disclosed in a filing with the Singapore Exchange on September 29, is designed to reorganize the holdings of DFI and Hongkong Caterers. Upon completion, Hongkong Caterers, a private Hong Kong-based company, will become the sole owner of the remaining Maxim’s business. This entity will retain a portfolio of more than 1,000 outlets across nine markets, including international brands such as Genki Sushi, Ippudo, Shake Shack, and The Cheesecake Factory, alongside Maxim’s own restaurants and bakeries.
The transaction marks the end of a partnership dating back to 1972, when Jardine Matheson acquired a 50% interest in Maxim’s. Jardine Matheson subsequently transferred this stake to Dairy Farm, which is now known as DFI Retail. The Wu family has held the remaining 50% interest through Hongkong Caterers. By divesting its stake in the food and beverage conglomerate, DFI is consolidating its position in the coffee sector while exiting its diversified restaurant holding structure.
Both companies stated that day-to-day operations for both the Starbucks and Maxim’s businesses will remain unchanged during the transition period. The reorganization allows DFI to focus exclusively on the Starbucks brand in the region, while Hongkong Caterers maintains its broader multi-brand hospitality portfolio. The cash consideration of US$340 million provides DFI with significant liquidity, although specific allocation plans for these funds were not detailed in the initial announcement.
The completion of the deal is subject to customary closing conditions and is expected to be finalized by the end of the first quarter of 2027. This timeline allows for the necessary regulatory approvals and internal restructuring within both organizations. The separation of the Starbucks license from the Maxim’s corporate entity suggests a strategic shift toward specialized brand management in the competitive Asian coffee market.
DFI’s acquisition of the Starbucks assets represents a significant consolidation of its retail footprint. By taking direct control of the 1,100+ outlets, DFI gains full operational autonomy over the brand’s strategy, supply chain, and expansion plans in key Asian economies. Conversely, Hongkong Caterers’ ownership of the remaining Maxim’s business ensures the continuity of the restaurant group’s other international brands, which have been successfully introduced to Asian markets over the past two decades.
The financial terms of the transaction reflect the valuation of the Starbucks license within the broader Maxim’s portfolio. The US$340 million cash payout, combined with the transfer of the coffee business, indicates a negotiated split that balances the cash value of the equity stake with the operational value of the high-profile coffee chain. Investors in DFI Retail, as a Singapore-listed company, will likely assess the strategic merit of concentrating resources on the Starbucks brand versus the diversified revenue streams of the previous joint venture.
No immediate changes to consumer-facing services or employment conditions have been indicated. The transition is expected to be seamless, with existing management teams continuing their current roles. The deal underscores the broader trend in the Asian hospitality sector where major operators are streamlining their portfolios to focus on specific brand categories rather than maintaining broad, mixed-ownership structures.
As the transaction moves toward its expected close in early 2027, market observers will monitor the integration of the Starbucks operations under DFI’s direct management. The outcome of this restructuring will determine the future competitive positioning of both entities in the highly saturated food and beverage markets of Southeast Asia and East Asia.
