Global coffee company Starbucks plans to acquire the remaining 60.5% stake in Starbucks Coffee Japan for around $913.5m.

The acquisition is part of Starbuck’s efforts to enhance growth and innovation in Japan, which is its second-largest market where in it has roughly 1,050 cafes.

Starbucks Japan is a joint venture between Starbucks and Sazaby League.

Sazaby approached Starbucks for the sale of its ownership in the JV. Sazaby plans to exit the business in advance of the expiration of Starbucks Japan’s retail franchise rights.

The deal will be completed in two-step tender offer process involving Starbucks’ joint venture partner in Japan and shareholders.

The first step process begins with Sazaby tendering its shares, which will commence on 26 September. The purchase price for Sazaby’s 39.5% stake is around $505bn.

Following the final settlement of the first tender offer step, which is expected to occur during the middle of Starbucks’ first quarter of fiscal 2015, Starbucks will own a controlling 79% interest in Starbucks Japan.

Upon settlement of the first step in the tender offer, Starbucks will initiate the second step for the remaining 21% ownership interest held by public shareholders and option holders of Starbucks Japan’s common stock.

The tender offer purchase price for this second step is of about $408.5m.

Before the end of the first quarter of fiscal year 2015, Starbucks expects to have a controlling interest and will consolidate Starbucks Japan into the company’s results.

Starbucks said the deal would enable it to expand its presence in the core market .