STARBUCKS CORP
For the period ended Dec 29, 2024. Filed Jan 28, 2025.
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Dec 29, 2024 · Filed Jan 28, 2025
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Acquisitions, Divestitures, and Strategic Alliance
Note 2: Acquisitions, Divestitures, and Strategic Alliance
On October 14, 2024, we acquired a 100% ownership interest in 23.5 Degrees Topco Limited, a U.K. licensed business partner, to expand our portfolio of company-operated stores and enhance the coffeehouse experience for customers. The acquisition converted 113 licensed stores to company-operated stores within our International operating segment.
The assets acquired and liabilities assumed are included in our International operating segment. Assets acquired primarily include operating lease right-of-use assets, intangible assets, goodwill, and property, plant and equipment. The intangible assets acquired as part of this transaction include reacquired licensee agreement rights, which will be amortized over the estimated useful life. In addition, we assumed various liabilities, primarily consisting of operating lease liabilities. The transaction is not material to our consolidated financial statements.
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