Starbucks to buy up Japan unit for $900m

Starbucks is to take full ownership of its Japanese operations at a cost of more than $900 million, a move which the company said was aimed at further tapping its second-largest market.

The Seattle-based coffee giant said it would buy the 60.5 percent stake that it does not already own as part of a two-step tender process expected to be completed by the first half of 2015.

Japan was the first overseas destination for Starbucks when it expanded from the United States in 1996.

The news, announced on Tuesday, sent shares of Starbucks Coffee Japan up 4.43 percent to 1,461 yen ($13) on the Jasdaq start-up market Wednesday.

The Japan business, which was launched in 1996 and now has more than 1,000 locations, is a joint venture between Starbucks and Sazaby League.