Starbucks explored a possible takeover of Chipotle

According to the Financial Times, Starbucks had worked with advisers in recent months on a proposal to acquire Chipotle. At the time of the discussion, it was unclear whether Starbucks had made a formal offer or what the current status of the plans was. Chipotle’s market value was put at about $41 billion; a deal would rank as the largest restaurant acquisition ever.

The hosts also put the two companies’ combined market capitalization at about $102 billion. The deal may never happen: Financial Times sources warned that combining two major consumer companies would be complex. A potential acquisition would reunite Starbucks CEO Brian Niccol with Chipotle, where he spent six years as CEO before leaving in August 2024.