Starbucks wants to make the tea shop as ubiquitous as its namesake cafes.
The Seattle-based company said Wednesday that it will pay $620 million in cash to buy Teavana Holdings Inc., which sells high-end loose-leaf teas in 300 shopping mall locations. The plan is to expand Teavana’s footprint beyond the suburban mall with stand-alone shops around the world, while adding tea bars where customers can buy hot and cold drinks.
— Staff and wire reports
