Philippines' Jollibee Food Corp. is buying US brand Coffee Bean & Tea Leaf for US$100 million (P5.13 billion). Jollibee announced in a stock exchange disclosure, it will acquire 100 percent of California's Coffee Bean and Tea Leaf.
Jollibee operates the largest fast-food chain in the Philippines to more than 3,100 branches. It also operates more than 1,400 stores overseas.
"The acquisition of The Coffee Bean and Tea Leaf will be JFC's largest and most multinational so far with business presence in 27 countries," Jollibee chairman Tony Tan Caktiong said in the filing.
Jollibee also operates Highlands Coffee in Vietnam, among other brands worldwide. The Filipino fast-food chain has even took the 47-percent stake in Mexican chain Tortas Frontera, wchich serves pulled pork, chorizo and beef sandwiches.
In the Philippines, the company is also expanding its portfolio for brands like Mang Inasal, Chowking, Greenwhich, Red Ribbon and Burger King stores.
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