Peet's to take majority stake in Intelligentsia

Peet's Coffee & Tea announced Friday it plans to take a majority stake in the Intelligentsia coffee chain, further pushing into upscale coffee as it works to appeal to younger coffee drinkers with money to spend.

The announcement comes three weeks after Peet's disclosed plans to buy Portland, Ore.-based high-end coffee chain Stumptown.

The latest deal's terms were undisclosed.

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