Starbucks Pays a Steep Price to Buy Teavana
Filed under: Earnings, Starbucks, Market News, Mergers & Acquisitions
Starbucks (SBUX) has read the tea leaves, and what it saw was more exposure to the booming tea market.
The baron of baristas announced on Wednesday afternoon that it will pay $620 million to acquire Teavana (TEA). Yes, Starbucks is already championing its own Tazo tea line, but this is more of a wager on the culture of tea sipping than a brand-specific play.
Teavana runs a chain of upscale mall stores that sell dozens of varieties of loose teas and artisanal tea-making equipment. They do also…
Starbucks Pays a Steep Price to Buy Teavana originally appeared on DailyFinance.com on 2012-11-15T06:00:00Z.
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