Philippines-based fast-food giant Jollibee has acquired The Coffee Bean & Tea Leaf.
The deal will see Jollibee pay USD$350m for the California-based coffee and tea shop chain, and invest USD$100m into Coffee Bean through a Singapore-based holding group.
Coffee Bean will become Jollibee’s second-largest business after its fast-food business and will account for 14% of its global sales.
Jollibee currently operates 3,195 restaurant outlets in the Philippines and 1,418 stores globally.
“The deal will bring international business’ contribution to 36% of worldwide sales and will bring Jollibee closer to its vision to be one of the top five restaurant companies in the world in terms of market capitalisation,” said Tony Tan Caktiong, the chairman of Jollibee.
“Our priority is to accelerate the growth of The Coffee Bean and Tea Leaf brand particularly in Asia, by strengthening its brand development, marketing, and the franchisee support system.”
Jollibee previously acquired American hamburger chain Smashburger after acquiring the remaining 15% stake that it did not own for $10m in December 2018.