Mexico City - Mexican company Alsea - the largest fast food operator in Latin America - says it has bought out the Mexican subsidiary of United States mega-coffee chain Starbucks.

"As a result of the March 27, 2013 transaction, Starbucks has agreed to provide Alsea 100 percent ownership of the Mexico business" for a period that could be extended to 2037, the company said in a released statement.

Alsea did not disclose the terms of the deal, but said it included an expansion plan under which the company will open 50 new Starbucks stores a year for the next five years, adding to the 367 already in the Central American country. The two companies will then "review the continuation of a contractual expansion plan," the statement said.

Alsea is the leading restaurant company in Latin America, with 1,421 stores in Mexico, Argentina, Chile, and Colombia from its fast food and casual dining chains.

About Alsea

Alsea is a leading restaurant operator in Latin America of global known brands within the Quick Service Restaurant, Coffee Shop, and Casual Dining segments. It has a diversified portfolio with brands such as Domino's Pizza, Starbucks, Burger King, Chili's, California Pizza Kitchen, PF Chang's, Pei-Wei, Italianni´s, and The Cheesecake Factory.

At the end of 2012, the company operated 1,421 units in Mexico, Argentina, Chile, and Colombia. Its business model includes support for its brands through a Shared Service Center, which provides all of the Administrative and Development Processes, as well as its Supply Chain. It has more than 27,600 employees in four countries.