ZURICH: Swiss food giant Nestle introduced Monday it will pay $7.15 billion for the rights to market Starbucks merchandise all over the world, outdoor of the corporate's espresso shops.
The agreement gives Nestle, which owns the Nescafe and Nespresso manufacturers, a powerful platform for persisted enlargement in North America, the corporate said in a remark.
"This transaction is a significant step for our coffee business, Nestle's largest high-growth category," said Nestle CEO Mark Schneider in a remark.
"Both companies have true passion for outstanding coffee and are proud to be recognized as global leaders for their responsible and sustainable coffee sourcing."
The deal does now not come with any of Starbucks' espresso shops and cafes.
Around 500 Starbucks staff will sign up for Nestle, the corporate added.
The deal will create a "global coffee alliance", Starbucks president and CEO Kevin Johnson said.
The transaction, which wishes approval from regulators, should be finalised through the top of 2018.
The agreement gives Nestle, which owns the Nescafe and Nespresso manufacturers, a powerful platform for persisted enlargement in North America, the corporate said in a remark.
"This transaction is a significant step for our coffee business, Nestle's largest high-growth category," said Nestle CEO Mark Schneider in a remark.
"Both companies have true passion for outstanding coffee and are proud to be recognized as global leaders for their responsible and sustainable coffee sourcing."
The deal does now not come with any of Starbucks' espresso shops and cafes.
Around 500 Starbucks staff will sign up for Nestle, the corporate added.
The deal will create a "global coffee alliance", Starbucks president and CEO Kevin Johnson said.
The transaction, which wishes approval from regulators, should be finalised through the top of 2018.
Nestle pays $7.15 billion to sell Starbucks products
![Nestle pays $7.15 billion to sell Starbucks products]()
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May 07, 2018
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