August 7, 2026US private investment firm Bain Capital has agreed to acquire bubble tea chain Gong cha Global from private equity firm TA Associates and other shareholders, reports Caixin. The deal comes as Gong cha, after exiting the Chinese mainland market in 2024 following a prolonged struggle with trademark disputes and copycats, shifts its focus to overseas markets amid the rapid global expansion of Chinese rivals. The transaction is expected to close in the fourth quarter of 2026, Bain Capital said Wednesday, without disclosing financial terms. Seoul Economic Daily reported in July that TA Associates had hired JPMorgan Chase to explore a sale, initially seeking about $1.4 billion. The report said that valuation implied a price-to-earnings multiple of nearly 20, causing some potential buyers to pause due diligence.