SEATTLE -- Starbucks Coffee Company announced that it has completed its acquisition of Teavana Holdings has formally closed, making Teavana a wholly-owned subsidiary of Starbucks. Teavana has some 300 locations, primarily in 300 shopping malls across the nation.
The acquisition is the the latest 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.