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Unilever to buy tea brand Tazo from Starbucks for $384 million

Reuters

(Reuters) - Unilever (ULVR.L) (UNc.AS) said on Thursday it would buy the speciality tea brand Tazo from Starbucks in a deal valued at $384 million (294.19 million pounds).

This acquisition is the latest in a string of deals by the Anglo-Dutch consumer giant to add smaller, healthier brands to expand its portfolio in a fast-growing speciality tea segment.

"With its strong appeal to millennials, Tazo is a perfect strategic fit for our U.S. portfolio," Kees Kruythoff, president, Unilever North America said.

(Reporting by Sonam Rai in Bengaluru; Editing by Shounak Dasgupta)