Nestle announced on Tuesday that it has finalised a deal with Starbucks to market its products around the world.

The Swiss food giant said in May that it would pay Starbucks $7.15 billion (€6.13 billion) for the rights to market their coffee globally.

Nestle’s CEO Mark Schneider said: “With Starbucks, Nescafe 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,” he added.

Starbucks CEO Kevin Johnson said: “Bringing together the world’s leading coffee retailer, the world’s largest food and beverage company, and the world’s largest and fast-growing installed base of at-home and single-serve coffee machines helps us amplify the Starbucks brand around the world while delivering long-term value creation for our shareholders.”

The finished licensing deal will result in an estimated 500 Starbucks employees moving to Nestle with the majority based in Seattle and London.

Shares in Starbucks (NASDAQ: SBUX) increased 0.42 percent to 52,97. Nestle shares (SWX: NESN) are currently trading at 81,42 (1330GMT).