Jollibee hikes stake in Smashburger
In a bid to further increase market share in the global food industry, Filipino fastfood giant Jollibee Food Corp. is taking a bigger bite out of the US-based burger chain Smashburger.
In a disclosure to the Philippine Stock Exchange, JFC said the acquisition will cost the company $100 million for 45 percent more share of Smashburger.
To recall, the Filipino-grown company bought 40 percent stake in Smashburger for $99 million two years ago.
The move now brings JFC’s share to Smashburger at 85 percent, while the remaining 15 percent will remain to Smashburger Master.
Once completed, Jollibee chairman Tony Tan Caktiong said they expect the acquisition to contribute to 15 percent to the company’s worldwide system-wide sales, citing strong demand from both the mainland U.S. and other markets abroad.