By Shawn Lim

Philippines-based fast-food giant Jollibee has acquired The Coffee Bean & Tea Leaf.

The deal will see Jollibee pay $350m for the California-based coffee and tea shop chain, and invest $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 Read full story ›

Source: The Drum