Starbucks reportedly explores $39B acquisition of Chipotle

Starbucks has held talks with advisers about a possible takeover of Chipotle Mexican Grill, valued at nearly $39 billion, according to the Financial Times. The deal would reunite CEO Brian Niccol with the chain he led for six years. Neither company has confirmed the discussions.

• Chipotle is valued at nearly $39B; Starbucks' market cap is about $107B
• Chipotle shares rose 6% and Starbucks fell 3% after the FT report
• Niccol ran Chipotle for six years before becoming Starbucks CEO in September 2024
• Chipotle has about 4,000 US and 100 international locations vs Starbucks' 40,000 stores