Swiss food giant Nestle has bought the rights to market the Starbucks products around the world, outside of the Starbucks’ coffee shops, in a deal valued at $7.15 billion. Nestle, which owns the Nescafe and Nespresso brands, will get a strong platform for continued growth in North America, the company said in a statement. “This transaction is a significant step for our coffee business, Nestle’s largest high-growth category,” said Nestle CEO Mark Schneider in a statement.
The deal does not include any of Starbucks’ coffee shops and cafes. Around 500 Starbucks staff will join Nestle, the company added. The transaction, which needs approval from regulators, should be finalised by the end of 2018.