Jollibee buying US firm Coffee Bean for $100 million

July 24, 2019 - 1:23 PM
CBTL interior
Interior of a Coffee Bean & Tea Leaf branch. (Photo from CBTL via The STAR)

MANILA — Jollibee Foods Corp said on Wednesday it is buying U.S. brand Coffee Bean & Tea Leaf for $100 million.

Jollibee said in a stock exchange disclosure it would acquire 100 percent of the Los Angeles-based specialty coffee and tea brand to boost its overseas sales.

Jollibee operates the largest fast food chain in the Philippines with 3,195 restaurants. It also operates 1,418 stores across various brands overseas.

Reporting by Neil Jerome Morales; Editing by Stephen Coates