$7B coffee deal

 

An agreement is in place that will see Nestle sell and market Starbucks products around the world.

The deal is worth a staggering $7.1 billion dollars.

The agreement excludes ready-to-drink products and sales of products in Starbucks coffee shops.

Starbucks CEO Kevin Johnson says in a statement the "historic deal is part of ongoing efforts to focus and evolve our business to meet the changing consumer needs."

About 500 Starbucks employees will join Nestle.

The deal expected to close at the end of the year.