Jollibee To Acquire Full Control Of Coffee Bean & Tea Leaf
Filipino-owned food giant Jollibee Foods Corp. (JFC) will initially invest $100 million (P5.13 billion) to acquire full control of the American coffee chain Coffee Bean & Tea Leaf (CBTL).
The move is in line with an agreement entered into between the CBTL and its Singapore-based subsidiary, Jollibee Worldwide Pte Ltd., JFC said in a disclosure to the Philippine Stock Exchange (PSE) on Wednesday, July 24,2019.
The acquisition of Coffee Bean, according to JFC, will be their largest multinational venture so far.
Once completed, Coffee Bean is estimated to add 14 percent to JFC’s worldwide system sales and 26 percent to its store network.
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