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UPDATE 1-Starbucks to buy remaining stake in East China JV for $1.3 bln

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July 27 (Reuters) - Coffee chain Starbucks Corp said on Thursday it would buy the remaining 50 percent share of its East China business from its joint venture (JV) partners for about $1.3 billion, in its biggest ever acquisition.

The cash deal will give Starbucks ownership of about 1,300 stores in Shanghai and Jiangsu and Zhejiang provinces, and aligns with the U.S. company's target of operating 5,000 stores in mainland China by 2021.

China is Starbucks' fastest-growing market outside the United States by number of stores. Revenue from its China and Asia-Pacific business rose 13 percent to $768.9 million in the quarter ended April 2.

Starbucks is buying the share from East China JV partners Uni-President Enterprises Corp (UPEC) and President Chain Store Corp (PCSC).

In a separate deal, Starbucks will sell its 50 percent stake in its Taiwanese JV to UPEC and PCSC for about $175 million. The Taiwan JV operates about 410 Starbucks stores.

Both deals are expected to close by early next year.

Starbucks is scheduled to report third-quarter earnings on Thursday. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Sai Sachin Ravikumar)