Starbucks Confirms it is Not Buying Chipotle

Starbucks confirmed Monday that it is not pursuing an acquisition of Chipotle, putting an end to speculation surrounding what could have been the largest merger in restaurant industry history.

“As a matter of policy, we don’t comment on rumors and speculation, but we want to be clear we are not buying Chipotle,” Starbucks told Reuters.

The statement comes four days after the Financial Times reported that Starbucks had worked with advisers in recent months on a potential takeover proposal for the fast-casual chain. The publication, citing people familiar with the matter, said it was unclear whether a formal offer had been submitted and cautioned that a transaction might never materialize.

A potential acquisition attracted attention largely because of Starbucks CEO Brian Niccol’s history with Chipotle. He served as CEO of the burrito chain from 2018 until August 2024, overseeing its recovery from food-safety challenges and leading an expansion of digital ordering and drive-thru Chipotlanes.

Such a transaction would have easily surpassed Burger King’s $11.4 billion acquisition of Tim Hortons in 2014, the largest takeover in restaurant industry history.