Nestlé pays $7.1 billion to market Starbucks’s coffee

The Swiss food giant has announced it will pay Starbucks $7.15 billion for the right to market Starbucks-branded coffee around the world, reports CNBC. The all-cash deal will see Nestlé take on 500 Starbucks employees but no physical assets of the company. In return, Nestlé will have the right to market everything from Starbucks beans to Nespresso capsules, which it will be able to sell outside of Starbucks stores. Starbucks says it will use the cash windfall to speed up its share buy-backs.