Fast food

Jollibee's purchase of US drinks brand set to transform firm

The ambitious Philippine foodservice group's purchase of Los Angeles-based chain The Coffee & Tea Leaf for $350 million shows it has developed a riskier approach to deal-making.

The Philippines' largest fast-food company Jollibee Foods Corp has made another leap forward in its ambitious overseas expansion, with an unusually risky deal in the US.

The Manila-headquartered company has agreed to buy 100% of loss-making Los Angeles-based chain The Coffee Tea Leaf for $350 million, it said in a filing to the Philippine stock exchange on Wednesday.

The acquisition of The Coffee Bean Tea Leaf will be JFC's largest and most multinational so far, with business presence in 27 countries, said Jollibee's chairman and founder Tony Tan Caktiong.

The price tag is above the $210 million it paid for US's...

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