Jollibee acquires controlling stake in US burger chain
Jollibee Foods Corp. takes a bigger bite in a U.S.-based burger chain Smashburger Master Llc. as the Filipino grown fast-food giant now looks to refinance the debts of the the latter.
In a statement, JFC said that it has completed the deal acquiring additional 45 percent share of Smashburger for $100 million.
This now increased the JFC’s stake in the American firm to 85 percent, alllowing them to consolidate Smashburger’s revenues to the company.
JFC, however, said that it would need two more months before the deal would be approved by regulators in Washington.
With Smashburger now under its fold, JFC is expected to make significant headway in the U.S. market, and increase its worldwide system-wide sales from 5 percent to 15 percent and the sales contribution from foreign business to worldwide system-wide sales from the present 20 percent to 30 percent.