Starbucks to purchase tea maker in $620M deal

Starbucks agreed to buy Teavana Holdings for about $620 million as Chief Executive Officer Howard Schultz expands beyond U.S. coffee shops.

Teavana investors will receive $15.50 a share in cash, Seattle-based Starbucks and Atlanta-based Teavana said Wednesday in a statement. 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.

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 recently started selling energy drinks and a single-serve coffee machine, called Verismo, in the United States.

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

More in Herald Business Journal

Tesla rolls out the design for its 500-mile electric big rig

The truck will have an Autopilot system, which can maintain a set speed and slow down in traffic.

How Airbus’s A380 deal with Emirates evaporated in Dubai

It came down to concern by Emirates that Airbus might shut down the jumbo program.

Equipment rental and sales business H&E opens Mukilteo shop

Company hopes to capitalize on construction occuring in northwest Washington.

New Chick-fil-A draws dozens of campers in Bothell

A second restaurant of the popular chain is opening on Thursday.

Tulalip Resort Casino to feature locally grown hazelnuts

The resort wanted to put a focus on meals created with the nut.

Alderwood Water general manager named president of state association

Alderwood Water & Wastewater District General Manager Jeff Clarke has been installed… Continue reading

Boeing earns top marks for LGBTQ workplace policies

Boeing was one of 609 businesses nationwide to earn a 100-point score… Continue reading

Derided by critics, trickle-down economics gets another try

The concept — also known as supply-side economics — has frequently drawn ridicule.

Richard Branson’s 747 to launch satellites for the Pentagon

Virgin Orbit’s LauncherOne rocket would be “air launched” from a 747-400 it calls “Cosmic Girl.”

Most Read