Deals
Jollibee Buys Coffee Bean for $350 Million; Shares Fall 8%
- Acquisition is biggest for Philippine fast-food chain operator
- Coffee Bean reported a net loss of $21 million last year
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Jollibee Foods Corp. will spend $350 million to purchase loss-making Coffee Bean & Tea Leaf, its largest acquisition. Shares of the Philippine’s biggest restaurant company fell the most in more than two years.
Jollibee will invest $100 million for an 80% stake in a Singapore venture set up with Vietnamese partners to acquire Coffee Bean, it said in a stock exchange disclosure. The rest of the amount will be in the form of advances.