Starbucks has completed a global licence agreement with major food and drink manufacturer Nestlé to enable the latter to market Starbucks consumer packaged goods and foodservice products worldwide.

Announced in May, the agreement involved $7.15bn to be paid by Nestlé to the coffeehouse chain in closing consideration.

As part of the deal, both companies will work in collaboration to produce a Starbucks range of roast and ground coffee, whole beans, and instant and portioned coffee.

It covers Starbucks packaged coffee and tea brands such as Starbucks, Seattle’s Best Coffee, Teavana, Starbucks VIA Instant, Torrefazione Italia coffee and Starbucks-branded K-Cup pods.

“The outstanding collaboration between the two teams resulted in a swift completion of this agreement, which will pave the way to capture further growth opportunities.”

However, the deal will not cover ready-to-drink products and all sales of any products within Starbucks coffee shops.

Nestlé CEO Mark Schneider said: “This partnership demonstrates our growth agenda in action, giving Nestlé an unparalleled position in the coffee business with a full suite of innovative brands.

“With Starbucks, Nescafé and Nespresso, we bring together the world’s most iconic coffee brands.

“The outstanding collaboration between the two teams resulted in a swift completion of this agreement, which will pave the way to capture further growth opportunities.”

The alliance will also focus on enhancing its product offerings worldwide by capitalising on the experience and capabilities of both companies.

The deal will also strengthen Nestlé’s coffee portfolio in the North American premium roast and ground and portioned coffee business, while expanding the Starbucks brand in grocery and foodservice markets globally.

As part of the agreement, around 500 Starbucks employees in the US and Europe will join the Nestlé family.

Nestlé will lead the international expansion of the business from global headquarters in Vevey, Switzerland.