SEATTLE & ATLANTA -- Furthering its commitment to innovate and transform the tea industry and enhance the consumer tea experience in the U.S. and internationally, Starbucks Coffee Company (NASDAQ:SBUX) has agreed to acquire Teavana Holdings, Inc. (NYSE: TEA) in an all-cash acquisition.

Together, Starbucks and Teavana will jumpstart the next wave of growth in this dynamic category, leveraging Starbucks core competencies of real estate, design and store operations and integrating these with Teavana’s world-class tea authority, global sourcing capabilities, merchandising and best-in-class retail store unit economics. Powered by Starbucks existing infrastructure, Starbucks plans to continue to grow and extend Teavana’s already-successful 300 mall-based stores as well as add a high-profile neighborhood store concept that will accelerate Teavana’s domestic and global footprint.