July 24, 2019 / 4:45 AM / a month ago

Philippines' Jollibee buying US firm Coffee Bean for $100 mln

MANILA, July 24 (Reuters) - Philippines’ 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 fastfood 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

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