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Jollibee to acquire full control of American company Coffee Bean & Tea Leaf

Filipino-owned food giant Jollibee Foods Corp. (JFC) will 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.

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.

“This will add 14% to [Jollibee’s] global system wide sales, 26% to its total store network, will bring international business’ contribution to 36% of worldwide sales, and will bring [Jollibee] closer to its vision to be one of the top 5 restaurant companies in the world in terms of market capitalization,” Jollibee chairman Tony Tan Caktiong said in a statement.

The company also said in its disclosure that it will “bring JFC closer to its vision to be one of the top 5 restaurant companies in the world in terms of market capitalization.”

Jollibee to acquire full control of American company Coffee Bean & Tea Leaf Jollibee to acquire full control of American company Coffee Bean & Tea Leaf Reviewed by AsianPolicy.Press on 8:27:00 AM Rating: 5

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