Starbucks Announces Deal For Unilever To Buy Assets Of Tazo Brand For $384 Mln

(RTTNews) - Starbucks (SBUX) announced a definitive agreement for Unilever to acquire the assets of the Tazo brand including its signature recipes, intellectual property and inventory for $384 million. Tazo is an iconic tea brand sold primarily in grocery, mass and convenience channels, offered in formats including packaged teas, K-Cup pods, and bottled ready-to-drink teas. Starbucks will drive a single tea brand strategy and focus with its super premium tea brand, Teavana.

The Board of Directors declared a cash dividend of $0.30 per share, an increase of 20%, payable on December 1, 2017, to shareholders of record as of November 16, 2017. The company also announced a new commitment of returning $15 billion to shareholders over the next 3 years through dividends and share repurchases.