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Starbucks Completes Deal to Buy Tea Chain

The coffee giant has made a number of recent acquisitions


Starbucks (NASDAQ:SBUX) is now the owner of 300 tea stores, located in malls across the U.S.

The coffee chain giant announced in November that it would purchase tea shop operator Teevana for $620 million. The move prompted concerns from analysts who worried that the coffee chain was taking on too much managerial complexity in its efforts to diversify, The Seattle Times noted.

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However, a Robert W. Baird & Co. analyst said  Starbucks executives had indicated that they won’t likely seek additional acquisitions in the near term.

In addition to Teevana, Starbucks has recently acquired Evolution Juice, a California-based juice brand, and La Boulange, a baked-goods chain. It will also be among seven bidders at a bankruptcy auction for the 47 stores of Tully’s Coffee later this week.

Teevana stores offer “teaologists” who help customers choose and prepare a variety of teas.

Shares of Starbucks rose almost 2% in Wednesday midday trading.

Article printed from InvestorPlace Media,

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