Jollibee to Buy The Coffee Bean & Tea Leaf for $350M
The Philippines’ largest
According to Jollibee Food Corporation Chairman Tony Tan Caktiong, the acquisition of CBTL marks JFC’s “largest and most multinational so far,” as the specialty coffee brand already has a presence in 27 countries.
The purchase hopes to bring JFC closer to being among one of the top F&B corporations in the world.
After Jollibee, CBTL will now be JFC’s
Total price of acquisition
The total consideration for this acquisition will be $350 million on a debt-free basis, in which the acquired business will have no debt upon acquisition.
The acquiring party will pay the $100 million purchase price in cash, as per JFC’s company disclosure posted on the Philippine Stock Exchange earlier today.
JFC, through JWPL, will finance the entire acquisition through a bridge loan. JFC’s initial $100 million investment will represent 80 percent of
As of December 2018, Jollibee currently has 1,189 outlets in the Philippines and abroad. Aside from CBTL, JFC also has stakes in Highlands Coffee, Chowking, Greenwich, Red Ribbon, Mang Inasal, Burger King, PHO24, Panda Express, Yonghe King, Hong Zhuang Yuan, Dunkin’ Donuts, Hard Rock Café, and Smashburger.
JFC Chairman Tony Tan Caktiong set up Jollibee back in 1987 after opening an ice cream parlor franchise for P350,000 at just 22 years old. Now, his corporation is valued at $5.9 billion.