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Starbucks to acquire Teavana for $620M

SEATTLE — Starbucks is ramping up its tea business with a $620 million purchase of Atlanta-based tea seller Teavana.

The coffee giant said Wednesday that it sees a growing market for tea. Starbucks already owns the Tazo tea brand.

Starbucks plans to expand Teavana Holdings Inc.’s network of 300 mall-based stores and add other kinds of stores as well.

From wire dispatches and staff reports