Headlines! Nestl é completes the purchase of Starbucks product sales rights, reaching an agreement of 7.15 billion US dollars
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Nestl é of Switzerland and Starbucks, a US coffee chain, said in a joint statement that the two companies had completed a licensing deal and Nestl é had won the right to sell Starbucks coffee and tea products.
The two sides announced the completion of the deal on the 28th, giving Nestl é the permanent right to market Starbucks products around the world outside Starbucks stores, the statement said.
The two companies announced an agreement of $7.15 billion in May this year. Under the agreement, Nestl é will be granted global marketing rights for the products of Starbucks and its subsidiaries (Seattle's Best Coffee, Starbucks Reserve, Teavana, Starbucks VIA and Torrefazione Italia). Among them, Nestle's Nespresso and Dolce Gusto coffee capsule series will use the Starbucks brand.
About 500 Starbucks employees from the US and Europe (mainly from Seattle and London) will join Nestl é as a result of the deal, the statement said.
Founded in 1866, Nestl é has more than 400 factories in 83 countries around the world. Founded in Seattle in 1971, Starbucks opened 28039 stores in 76 countries as of December 31, 2017.
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