Nestle paying $7.2 billion to sell Starbucks coffee
Posted May 7, 2018 6:46 a.m. EDT
Updated May 7, 2018 7:26 a.m. EDT
Vevey, Switzerland — Starbucks and Nestle announced Monday that the companies are forming a "global coffee alliance." Nestle will pay $7.2 billion in order to globally distribute, market and sell packaged goods from Starbucks.
This deal only applies to Starbucks' packaged products outside the United States and doesn't include ready-to-drink coffee, tea or juices.
Regulators still need to approve the merger, which is expected to be finalized within the next few months.