Nestle and Starbucks said on Tuesday they had concluded their licensing deal for the Swiss food giant to market the US coffee maker's packaged coffees and teas around the world.

The $7.15 billion deal grants Nestle perpetual rights to sell Starbucks products such as Starbucks, Seattle's Best Coffee and TeavanaTM/MC outside of the US company's coffee shops, and will result in about 500 Starbucks employees shifting to Nestle.

First Published:Aug 28, 2018 11:00 AM IST