Business

Starbucks to Buy Teavana for $620m

SEATTLE — Starbucks has agreed to buy Teavana Holdings for about $620 million.

Teavana investors will receive $15.50 a share in cash, Seattle-based Starbucks and Atlanta-based Teavana said Wednesday. The takeover, expected to close by year’s end, will add about 1 cent to earnings per share in Starbucks’ fiscal 2013, the companies said.

Advertisement

Starbucks, which dropped the word ‘‘coffee’’ from its logo last year, has in the past 13 months bought Evolution Fresh, to expand into juice, and Bay Bread, to add pastries. It has also started selling energy drinks and a single-serve coffee machine, called Verismo, in the United States.

Teavana, founded in 1997 by its chairman and CEO, Andrew Mack, and his wife, Nancy, sells more than 100 kinds of loose-leaf teas.

Bloomberg News

Loading comments...
Real journalists. Real journalism. Subscribe to The Boston Globe today.
We hope you've enjoyed your free articles.
Continue reading by subscribing to Globe.com for just 99¢.
 Already a member? Log in Home
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com