Tazo, the companies' announcements explain, is sold primarily in grocery and convenience stores and in "mass channels" as tea packages, K-cup pods and.
Starbucks said that, by selling Tazo, it would "sharpen its focus on its up-level tea strategy with Teavana".
Founded in 1994 by a team that included Steven Smith and purchased by Starbucks in 1999 for $8.1 million, Tazo was once a specialty tea brand in its own right.
"With its strong appeal to millennials, TAZO® is a flawless strategic fit for our United States portfolio", Kees Kruythoff, President of Unilever North America, said in a statement.
The transaction is expected to be close in the fourth quarter of this year, subject to regulatory approval.
Easier to do business in India than ever before: Modi
However, more investment is required in contract farming, raw material sourcing and creating agri-linkages. During the event, India is hosting over 2,000 participants and 200 companies from around 30 countries.
Tazo, which had sales of $112.5 million over the past year, sells specialty black, green and herbal teas, as well as liquid concentrates to make chai lattes.
The company also announced that it generated $5.7 billion in revenue in the company's fiscal fourth quarter ended October 1.
On the company's quarterly call, Starbucks said it would launch a co-branded Chase Visa credit card this winter. On Thursday, the company posted earnings per share of 54 cents for the quarter, in line with analysts' expectations. USA same-store sales grew 2%.
The Seattle-based coffee giant made the announcement moments before it released its fourth-quarter earnings Thursday. Consensus Metrix expects same-store sales to rise 3.2% globally, and 3.3% in the key Americas segment. He added that the company reset its long-term guidance to "represent performance we can meet or beat in the years ahead".
Starbucks had net sales for the quarter of $5.7 billion, flat with the same quarter the year prior.
Tea sales inside of Starbucks locations are growing at double digits annually, particularly as the chain expands in Asia and other markets where tea is popular.