Starbucks has completed its $620 million acquisition of the Atlanta tea retailer Teavana, the company announced Monday, and plans to open more stores outside of malls.
In a blog post, Jeff Hansberry, the president of Channel Development and Emerging Brands for Starbucks, said the company will be putting Teavana stores in neighborhoods and on urban streets. Starbucks also intends to add tea bars to the stores, and Hansberry said those beverages may be available at Starbucks stores in the future.
Teavana’s products may change, Hansberry said, but the experience will remain largely the same.
“Together, Starbucks and Teavana are embarking on the next chapter of a journey that we believe will reinvent the way the world enjoys tea, just as Starbucks did decades ago for coffee,” Hansberry wrote.
Teavana stockholders will receive $15.50 a share. The company was founded in 1997 by Andrew and Nancy Mack, who stand to collect more than $300 million in the deal.