Nestle acquires a majority stake in Blue Bottle Coffee at a valuation north of $700M

Nestle has bought a majority stake in California-based Blue Bottle Coffee, marking a first step by the packaged coffee leader into the hipster world of speciality bars that serve high-end, single-origin and cold brewed coffees.

The company behind Nescafe instant coffee and Nespresso brewers announced the purchase of a 68 percent stake of Blue Bottle on Thursday without disclosing financial terms.
The price was around $425 million, according to a source familiar with the matter.