Starbucks has a new caffeine addiction: tea

Published November 14, 2012 11:37pm ET



NEW YORK (AP) — Starbucks wants to make the tea shop as ubiquitous as its namesake cafes.

The Seattle-based company said Wednesday that it will pay $620 million in cash to buy Teavana Holdings Inc., which sells high-end loose leaf teas in 300 shopping mall locations. The plan is to grow Teavana’s footprint beyond the suburban mall with stand-alone shops around the world, while adding tea bars where customers can buy hot and cold drinks.

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