Swiss company Nestlé will pay Starbucks $7.15 billion for rights to market Starbucks' packaged products globally and outside of its coffee shops.
The transaction, which includes a Starbucks segment that generates annual sales of $2 billion, does not include the transfer of any fixed assets. Roughly 500 Starbucks employees will transfer to Nestlé under the deal; however, operations will continue to be housed in Seattle.
The companies will undergo customary regulatory approval before the deal is complete. Nestlé projects the transaction will close by the end of this year.
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