Under the deal, Nestle (NSRGF) will pay $7.2 billion to market, sell and distribute Starbucks' (SBUX) packaged coffees and teas around the world, the companies said Monday. Nestle already has a significant presence in the coffee business with well-known brands like Nescafe and Nespresso. It's now adding Starbucks coffee and tea products to the list. The agreement only covers Starbucks' packaged goods sold outside the US company's stores. It said the Starbucks packaged goods business generates annual revenue of about $2 billion a year.

Source: CNN May 07, 2018 06:56 UTC