Nestlé and Starbucks said on Tuesday they had concluded their licensing deal for the Swiss food giant to market the U.S. coffee maker’s packaged coffees and teas around the world.
The $7.15-billion deal grants Nestlé perpetual rights to sell Starbucks products such as Starbucks, Seattle’s Best Coffee and TeavanaTM/MC outside of the U.S. company’s coffee shops, and will result in about 500 Starbucks employees shifting to Nestlé.