Starbucks (SBUX) sees Boyu Capital as the frontrunner in its search for a partner for its China business, Bloomberg’s Dong Cao and Cathy Chan report. Boyu is the likeliest buyer for a controlling stake of the business after outbidding other private equity firms including Carlyle Group (CG), according to people familiar with the matter. A deal could value the Chinese operations at more than $4B, the people say, adding that Boyu may need a few months to negotiate and agree on terms to finalize a deal.
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