August 28, 2018 / 5:34 AM / in 23 days

Nestle, Starbucks wrap up $7.15 billion licensing deal

ZURICH (Reuters) - Nestle (NESN.S) and Starbucks (SBUX.O) 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.

Customers pass by the logo of an American coffee company Starbucks inside a coffee shop in Rio de Janeiro, Brazil August 15, 2018. REUTERS/Pilar Olivares

The $7.15 billion deal grants Nestle 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 Nestle.

Reporting by John Miller; Editing by Michael Shields

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