Wednesday, Nov. 14, 2012
SEATTLE (AP) -- Starbucks is ramping up its tea business with a $620 million purchase of Atlanta-based tea seller Teavana.
The coffee giant said Wednesday that it sees a growing market for tea. Starbucks already owns the Tazo tea brand.
Starbucks plans to expand Teavana Holdings Inc.'s network of 300 mall-based stores and add other kinds of stores as well.
Teavana shareholders will receive $15.50 per share in cash in the deal, which is expected to close by the end of the year.
Teavana gained more than 50 percent, to $15.45, in afternoon trading. Starbucks Corp. shares slipped 2 percent.
(Copyright 2012, The Associated Press)
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