SEATTLE & ATLANTA–(BUSINESS WIRE)–Starbucks Coffee Company (NASDAQ:SBUX) today announced that the company’s planned acquisition of Teavana Holdings, Inc. (NYSE:TEA) has formally closed, making Teavana a wholly-owned subsidiary of Starbucks and the newest addition to Starbucks emerging brands portfolio, which also includes Evolution Fresh, La Boulange, Seattle’s Best Coffee and Tazo.
Starbucks acquired Teavana for an aggregate acquisition price of approximately $620 million in cash and is expecting the acquisition to be accretive to earnings by approximately $0.01 per share in fiscal year 2013, based upon the previously announced earnings targets. Teavana public stockholders of record will receive $15.50 per share in cash.
Find more details about the future of Teavana and tea at Starbucks by reading a blog posted today by Jeff Hansberry, president, Channel Development and Emerging Brands.
About Starbucks Corporation
Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting the highest-quality arabica coffee in the world. Today, with stores around the globe, the company is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit us in our stores or online at www.starbucks.com.
About Teavana
Founded in 1997, the company offers new tea enthusiasts and tea connoisseurs alike its “Heaven of Tea” retail experience where passionate and knowledgeable “Teaologists” engage and educate them about the ritual and enjoyment of tea. The company’s mission is to establish Teavana as the most recognized and respected brand in the tea industry by expanding the culture of tea across the world. For more information, visit http://www.teavana.com.