Nestle completed the acquisition of the Consumer Packaged Goods and Foodservice distribution business of Starbucks.

Nestle, a Swiss multinational food and drink processing conglomerate, completed the acquisition of the Consumer Packaged Goods and Foodservice distribution business of Starbucks, an American coffee company and coffeehouse chain, for $7.1bn. “This global coffee alliance with Nestlé is a significant strategic milestone for the growth of Starbucks. Bringing together the world’s leading coffee retailer, the world’s largest food and beverage company, and the world’s largest and fast-growing installed base of at-home and single-serve coffee machines helps us amplify the Starbucks brand around the world while delivering long-term value creation for our shareholders,” Kevin Johnson, president and CEO of Starbucks.