Filipino fast food giant Jollibee Foods Corporation (JFC) just announced that it is acquiring US brand Coffee Bean & Tea Leaf for USD100 million (RM412 million)
Jollibee is the largest fast food chain in Philippines with 3,195 stores nationwide
It also operates 1,418 stores of various brands overseas, including Highlands Coffee in Vietnam.
This will be the second largest business under the corporation, with Jollibee taking lead in first place
The investment is part of Jollibee's plan to push for sales outside its home market.
Jollibee Worldwide will make the acquisition through its subsidiary Java Ventures, which will eventually be a subsidiary of the new holding company.
According to Jollibee founder Tony Tan Caktiong, the acquisition will add 14% to its global system-wide sales and 26% to its total store network, Channel NewsAsia reported.
"Combined with Highlands Coffee, with business mostly in Vietnam, this acquisition will enable JFC to become an important player in the large, fast-growing, and profitable coffee business," he added.
Earlier this year, Jollibee announced that it will opening 100 outlets in Malaysia. Here is what to expect:
Stay updated with recent news on SAYS: