Starbucks Coffee Company (NASDAQ:SBUX) today announced that the
company’s planned acquisition of Teavana Holdings, Inc. (NYSE:TEA) has
formally closed, making Teavana a wholly-owned subsidiary of Starbucks
and the newest 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.
Find more details about the future of Teavana and tea at Starbucks by
reading a blog
posted today by Jeff Hansberry, president, Channel Development and
Emerging Brands.
About Starbucks Corporation
Since 1971, Starbucks Coffee Company has been committed to ethically
sourcing and roasting the highest-quality arabica coffee in the
world. Today, with stores around the globe, the company is the premier
roaster and retailer of specialty coffee in the world. Through our
unwavering commitment to excellence and our guiding principles, we bring
the unique Starbucks Experience to life for every customer
through every cup. To share in the experience, please visit us in our
stores or online at www.starbucks.com.
About Teavana
Founded in 1997, the company offers new tea enthusiasts and tea
connoisseurs alike its "Heaven of Tea" retail experience where
passionate and knowledgeable "Teaologists" engage and educate them about
the ritual and enjoyment of tea. The company's mission is to establish
Teavana as the most recognized and respected brand in the tea industry
by expanding the culture of tea across the world. For more information,
visit http://www.teavana.com.
Forward-Looking Statements
Certain statements contained herein are “forward-looking statements”
within the meaning of the applicable securities laws and regulations.
Generally, these statements can be identified by the use of words such
as “anticipate,” “believe,” “could,” “estimate,” “expect,” “feel,”
“forecast,” “intend,” “may,” “plan,” “potential,” “project,” “should,”
“will,” “would,” and similar expressions intended to identify
forward-looking statements, although not all forward-looking statements
contain these identifying words. These statements are based on
information available to Starbucks as of the date hereof, and Starbucks
actual results or performance could differ materially from those stated
or implied, due to risks and uncertainties associated with its business.
These risks and uncertainties include: evolving understanding of the
definition of and consumer preference for super-premium tea; continued
growth in the health and wellness sector and market acceptance of
Starbucks in that sector; the ability of Starbucks to accelerate its
growth in the health and wellness sector and in the tea category; the
potential introduction of super-premium tea by new market entrants; the
ability of Starbucks to successfully integrate Teavana; the long-term
success of Starbucks strategy to innovate with new products, enter new
categories and expand into new channels of distribution; the outcome of
any legal proceedings that may be instituted against Teavana and others
related to the transaction; the ability to retain certain key employees
of Teavana; and the risk factors disclosed in Starbucks most recent
Annual Report on Form 10-K, which Starbucks filed with the Securities
and Exchange Commission on November 16, 2012. Forward-looking statements
reflect management’s analysis as of the date of this release. Starbucks
does not undertake to revise these statements to reflect subsequent
developments, except as required under the federal securities laws.
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