 MANILA, Philippines – Homegrown fast-food giant Jollibee Foods Corporation (JFC) has bagged its biggest multinational acquisition to date with a US$350-million deal to take over American specialty coffee and tea brand The Coffee Bean & Tea Leaf (CBTL).
The total consideration for this acquisition is $350 million on a debt-free basis but Jollibee’s net investment is estimated at $100 million, the company disclosed to the Philippine Stock Exchange on Wednesday. Jollibee, through Singapore-based subsidiary Jollibee Worldwide Pte Ltd., will initially finance the entire acquisition through a bridge loan. Its investment of $100 million represents 80 percent of the equity of the holding company that will acquire 100 percent of CBTL. The balance of $250 million will be made as advances to the new holding company. Read more: Philippine Inquirer Comments are closed.
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September 2019
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