Starbucks is taking over Japan...Well, Starbucks Japan anyway.
Created in 1995, Starbucks Japan is a joint venture between Starbucks and Japanese company Sazaby League.
Now, Starbucks is buying the 60.5 percent stake Sazaby League has in the company for $913 million.
So, why spend all that money? Well, Starbucks will probably be able to make it all back in sales.
Japan is currently Starbucks' second most lucrative market when it comes to retail store sales.
In a press release, Starbucks Chairman Howard Schultz said, "Japan is a market we know well and care deeply about, with more than 25,000 partners serving millions of customers every week at more than 1,000 stores."
The BBC points out taking full ownership will also give Starbucks the chance to sell its products in grocery stores and other businesses.
This buyout happens as Starbucks continues to expand internationally. The company now has stores in 65 countries all over the globe.
And a study by Harvard found that as its U.S. competitors grow in number, Starbucks has made its international strategy crucial to its development plan.
The Starbucks Japan buyout is expected to be complete by the end of the year.
This video includes images from Achim Hepp / CC BY SA 2.0, kmf164 / CC BY SA 2.0, Saku Takakusaki / CC BY NC ND 2.0, and Oscar Yasser Noriega / CC BY NC 2.0.
