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Starbucks in acquisition of tea firm

Starbucks is making a major acquisition as it seeks to move into the tea market.

16 November 2012

Coffee company Starbucks has completed the business negotiations to purchase tea company Teavana Holdings, which runs a chain of tea shops.

The US$620 million (£391 million) deal will see Starbucks taking over the 300 outlets in shopping malls in the US selling loose-leaf exotic teas, as well as opening more stores in America and all over the world.

It will build on recent moves by Teavana to expand its sales to countries outside the US, which included entering into a partnership with Starbucks' Middle Eastern partner Alishaya to open its first store in the region earlier this year.

Starbucks chief executive Howard Schultz said: "We believe the tea category is ripe for reinvention and rapid growth."

Another large-scale maker of two drinks firms was agreed this week when A.G. Barr and Britvic announced they were to merge.

PepsiCo has revealed it has given its blessing to the deal, which will mean its existing arrangement - under which its products are distributed by Britvic - will continue with the new merged firm.

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