MANILA: Philippines’ Jollibee Foods Corp said on Wednesday (Jul 24) it is spending US$350 million to buy US brand Coffee Bean & Tea Leaf.
In a filing to the Philippine Stock Exchange, Jollibee said it had entered into an agreement through its wholly owned subsidiary Jollibee Worldwide to invest US$100 million in a new Singapore-based holding company to acquire 100 per cent of the Los Angeles-based speciality coffee and tea brand.
It will invest US$100 million for an 80 per cent share in a Singapore holding company that will acquire The Coffee Bean & Tea Leaf. The remaining 20 per cent stake will be owned by JFC’s partner in its Vietnam coffee and restaurant business.
JFC will invest another US$250 million, which will be paid back by the holding company.
The acquiring entity will be Jollibee Worldwide’s subsidiary Java Ventures, which will eventually be a subsidiary of the new holding company.
