Global investment firms, including Carlyle Group and EQT, are competing for a controlling stake in Starbucks’ China operations, valued at up to $5 billion. Potential buyers have until October to submit bids, with Starbucks seeking to retain control of its coffee bean roasting facility for quality control purposes.

The final round of bidders also includes Chinese private equity firm Primavera Capital, with negotiations ongoing regarding the size of the stake being sold. Starbucks is looking to maintain a meaningful stake in the China business, as it faces declining market share in the country due to local competition.

Despite challenges, Starbucks saw record-breaking sales growth internationally, with revenue growth in China for the third consecutive quarter. Measures such as price reductions and new localized products have been implemented to boost sales, resulting in a 2% increase in comparable-store sales in China in the latest quarter.

Read more at Yahoo Finance: Carlyle, EQT, HongShan among final bidders for Starbucks China, sources say