Starbucks Coffee Co. announced that it has agreed to acquire Teavana Holdings for $620 million, chopping its way through a growing $40 billion global tea industry. Starbucks stated it “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.”Teavana said it compliments Starbucks’ existing Tazo brand. Teavana is based in Atlanta, was launched in 1997 and has stores in the U.S. and Mexico. Teavana’s initial goal was to be the “heaven of tea,” selling premium tea and related products.