Starbucks Closes Teavana Acquisition
SEATTLE & ATLANTA -- December 31, 2012
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
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.
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.
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.
Photos/Multimedia Gallery Available:
Starbucks Coffee Company
Lisa Passé, +1-206-318-7100
Investor Relations Contacts:
JoAnn DeGrande/Greg Smith, +1-206-318-7118
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