Teavana (TEA) Acquires Teaopia Ltd. for $26.9M

April 16, 2012 7:04 AM EDT
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Teavana Holdings, Inc. (NYSE: TEA) announced plans to acquire Teaopia Ltd., a leading mall-based specialty tea retailer in Canada, for $26.9 million in cash.

Teavana expects to fund the transaction primarily with cash on hand with the remainder from borrowings under an existing U.S. credit facility.

The acquisition is expected to close in the second fiscal quarter, subject to customary closing conditions. The acquisition’s impact to earnings per share is expected to be neutral in fiscal 2012, excluding transaction and integration expenses, and accretive by $0.03 - $0.04 in fiscal 2013.

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