Philippines' Jollibee buying Coffee Bean & Tea Leaf in overseas expansion. YahooFinance
* It will also fork out another $250 mln which will be repaid* Company to fast-track Coffee Bean's Asian expansion - chairman MANILA, July 24 - Jollibee Foods Corp, Philippines' largest food service network operator, is buying U.S. brand Coffee Bean & Tea Leaf for $100 million as part of an expansion outside its home market.
Jollibee will invest $100 million for an 80% share in a Singapore holding company that will acquire CBTL. The remaining 20% stake will be owned by Jollibee's partner in its Vietnam coffee and restaurant business. The deal allows Jollibee to be a key player in the large, fast-growing and profitable coffee business, said Tan Caktiong, adding that the priority is to accelerate Coffee Bean's growth in Asia. The acquisition will add 14% to Jollibee's global system-wide sales and 26% to its total store network, he said.
Shares in Jollibee fell 8% on Wednesday, their biggest daily drop in nearly three years, which Ramos attributed to the spending the company will be making. The broader Philippine index closed 1.1 lower.
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