Starbucks has explored acquiring Chipotle Mexican Grill in a potential $41 billion deal that would rank as the largest restaurant acquisition in history, the Financial Times reported on Thursday. The proposed takeover would reunite Starbucks CEO Brian Niccol with his former employer, where he served as CEO from 2018 to 2024 before joining the coffee chain .
News of the potential deal sent Chipotle’s shares up nearly 6% on Thursday, valuing the burrito chain at approximately $41 billion, while Starbucks’ stock fell around 3% to 4%. Neither company confirmed the discussions, with both declining to comment when approached by the Financial Times and Handelsblatt .
Analysts expressed surprise at the prospect, with Jacob Aiken-Phillips of Melius Research telling Bloomberg that “on the first glance, there don’t seem to be that many synergies that would make this possible.” However, he noted that Niccol’s deep familiarity with Chipotle’s operations could factor into the strategic rationale .
The deal, if realized, would surpass the 2014 merger of Burger King and Tim Hortons, previously the largest in the restaurant sector at $11.4 billion . The complexity of integrating two major chains makes a formal offer uncertain, according to sources cited by Handelsblatt .
