MANILA, Philippines — Homegrown fast-food operator Jollibee Foods Corp. said Tuesday it completed its acquisition of Los Angeles-based specialty coffee and tea brand The Coffee Bean & Tea Leaf.
In a disclosure to the stock exchange, JFC said it bought CBTL for $350 million (P18.3 billion) on a debt-free basis — meaning that CBTL would have no debt upon acquisition.
READ: Jollibee Food Corporation to acquire Coffee Bean & Tea Leaf brand
JFC Chairman Tony Tan Caktiong previously described the transaction as “the largest and most multinational so far.”
CBTL is the latest addition to the growing number of brands operated by JFC, which has been aggressively expanding its global footprint by opening Jollibee stores overseas and acquiring foreign brands.
“This will add 14% to its global system wide sales, 26% to its total store network, will bring international business’ contribution to 36% of worldwide sales,” JFC said of its purchase of CBTL.
“CBTL will be JFC’s second largest business after Jollibee brand while coffee business will account for 14% of JFC’s worldwide system sales,” it added.
Shares in JFC were down 0.09% or 20 centavos to close at P220 apiece on Tuesday.
READ: List: Brands operated by Jollibee Foods Corp.