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Starbucks to acquire Teavana for $620M

Taking another bold step into the $40 billion global tea industry, Starbucks on Thursday announced an agreement to acquire Atlanta-based Teavana Holdings Inc., a mall-based retail tea store chain, for about $620 million in cash.

Starbucks already owns the Tazo Tea brand, which generates an estimated $1.4 billion in annual revenues with the sale of tea in coffeehouse locations and consumer packaged goods channels. Earlier this year, Starbucks announced plans to open its first Taz

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