Unilever to buy tea brand Tazo from Starbucks for $384 million
Unilever is a Dutch-British transnational consumer goods company which is one of the oldest multinational company and its products include food, beverages, cleaning agent and personal care products is looking to increase its portfolio.
To increase its portfolio (the collection of businesses and products that make up the company) it is buying Tazo (the tea brand) from Starbucks.
The main reason for buying this tea brand is to add smaller, healthier brands in its portfolio in a fast- growing specialty tea segment.
According to Kees Kruythoff (President, Unilever America), Tazo is the perfect strategic fit for their portfolio.
The deal between two giants is valued at $384 million and with this Starbucks is trying to capture the tea segment in the market.
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