Starbucks to buy tea company


Published Nov 15, 2012 at 04:00AM / Updated Nov 19, 2013 at 12:31AM

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