Starbucks Coffee Company has closed the biggest transaction in its history.

The coffee giant is buying the remaining 50% share of its East China business from long-term joint venture partners, Uni-President Enterprises Corporation and President Chain Store Corporation. The deal is worth approximately $1.3 billion (USD) — the largest single acquisition in the company’s history, according to Starbucks.

Through the transaction, the retailer will assume 100% ownership of approximately 1,300 Starbucks stores in Shanghai and Jiangsu and Zhejiang Provinces — a move that builds on the company’s ongoing investments in China. Specifically, the deal puts Starbucks on pace to meet its goal of operating more than 5,000 stores by 2021.

“Unifying the Starbucks business under a full company-operated structure in China reinforces our commitment to the market, and is a firm demonstration of our confidence in the current local leadership team as we aim to grow from 2,800 to more than 5,000 stores by 2021,” said Kevin Johnson, president and CEO, Starbucks Coffee Company.

According to Starbucks, China is the chain’s its fastest-growing market outside of the United States in terms of store count. In East China alone, the chain…