Starbucks reportedly explored acquiring Chipotle Mexican Grill in a deal that would combine two major U.S. consumer brands. According to Sina Finance, people familiar with the matter said the coffee chain and its advisers have studied a possible takeover of Chipotle in recent months, but it is not clear whether Starbucks has made a formal offer.

The report said Chipotle's market value is close to $39 billion. It also said the deal, if completed, would be larger than Burger King's $11.4 billion acquisition of Tim Hortons in 2014 and could lift the combined company's annual revenue to nearly $50 billion.

According to Sina Finance, Starbucks declined to comment and Chipotle did not immediately respond to a request for comment. The article said Starbucks CEO Brian Niccol would return to the fast-food company if the deal went through; he previously served as Chipotle's CEO for more than six years before leaving in August 2024.

The report added that Starbucks has about 41,000 company-operated and licensed stores, with two-fifths in the United States, while Chipotle has about 4,200 stores, almost all in the U.S. It also said Starbucks shares jumped 24% on the day Niccol's appointment was announced, and that Chipotle shares have fallen nearly 20% over the past year.