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Jollibee acquires Coffee Bean for $ 350 million



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Jollibee chairman Tony Tan Cactyong says the deal will lead Jollibee "closer to its vision of being one of the world's five largest restaurant companies in terms of market capitalization"

Posted 1:30 AM, July 24, 2019

Updated 13:55, July 24, 2019

Manila, Philippines – Jollibee Foods Corporation subsidiary Jollibee Worldwide invested $ 350 million (17.9 billion pounds) to acquire the American company The Coffee Bean and Tea Leaf.

Jollibee revealed on Wednesday, July 24, that it has signed an agreement to invest initially $ 100 million (P1.1 billion) into a Singapore-based Singapore-based company that will deal with the purchase.

But the total amount for the acquisition is a huge $ 350 million.

The acquisition of Coffee Bean, which is present in 27 countries, will be Jollibee's largest multinational enterprise so far.

"This will add 14% to. T [Jollibee’s] the global sales system, 26% of the total network of stores, will contribute international business to 36% of global sales and will bring [Jollibee] closer to its vision of being one of the five largest restaurant companies in the world in terms of market capitalization, "said Jollibee Chairman Tony Tan Cactyong.

Jolibey is not unknown to the coffee business, as it has a popular Vietnamese Highlands Coffee portfolio.

The company said its coffee production business would account for 14% of global system sales, making it the second largest business just behind its main business restaurant.

"Our priority is to speed up the growth of the Bean Coffee and Tea Leaf brands, especially in Asia, by strengthening brand development, marketing and the franchise support system," Tan said. – Rappler.com

P51.21 = $ 1

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