Jollibee Foods to Acquire The Coffee Bean & Tea Leaf
Posted on 07/24/2019
Philippines-listed fast food company Jollibee Foods inked a deal to acquire The Coffee Bean & Tea Leaf for US$ 350 million. The Coffee Bean & Tea Leaf is a California-based coffee shop chain. Jollibee Foods is owned by Jollibee Foods Corporation. The Coffee Bean & Tea Leaf reported a net loss of US$ 21 million for the 2018 fiscal year.
In addition, according to a stock exchange filing, Jollibee Foods Corporation will invest US$ 100 million for an 80% stake in a Singapore joint venture with partners in Vietnam.