Amrest finalizes Germany's Starbucks takeover

WSE-listed restaurant chain operator AmRest has finalized a deal with Starbucks Coffee Company to take over 144 Starbucks brand restaurants in Germany for €40 million, the company said in a filing. "In line with initial assumptions, Starbucks Deutschland has been renamed AmRest Coffee Deutschland," the filing read. AmRest wants to triple the number of Starbucks outlets in Germany. AmRest will pay a license fee to the amount of 6 percent of revenues of each Starbucks restaurant in Germany to the owner of the brand and a $25,000 one-off fee for opening a new restaurant. The group will also bear the cost of local marketing spending: the annual fee will amount to 4 percent of sales revenues in the first year of the agreement, the Polish Press Agency said.