Starbucks buys Teavana to expand tea business
LOS ANGELES (KABC) -- Starbucks is making a push to create a new wave of shops for caffeine fans.
The Seattle-based coffee company is buying Teavana Holdings Inc. for $620 million as it moves to expand its tea business.
Teavana sells high-end loose-leaf teas in 300 shopping mall locations.
Starbucks wants to grow Teavana into stand-alone shops with tea bars where customers can buy hot and cold drinks.
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