US gov’t okays Jollibee’s Smashburger takeover
Pinoy favourite fast-food giant Jollibee Food Corp. (JFC) has taken a bigger bite at the Smashburger deal, a move that has been finalized yesterday.
To be exact, JFC ownership stake grew to 85 percent after sealing the deal to acquire an additional 45 percent of the Smashburger brand for $100M USD, a disclosure to the Philippine Stock Exchange showed.
This, after the US Federal Trade Commission and the Department of Justice already approved the share purchase agreement between Bee Good Inc! (BGI) and Smashburger Master LLC.
Smashburger is a leading fast casual burger chain in the US known for its 100 percent fresh never frozen, burgers that are smashed on the grill to sear in the juices and seal in the flavor.
Jollibee said the closing conditions, including required government approvals, has already been obtained as provided under the March 8 purchase agreement signed by wholly-owned subsidiary BGI for the acquisition of additional 45 percent of SJBF LLC, the parent company of the entities comprising Smashburger business.
There are currently more than 360 corporate-owned and franchised Smashburger restaurants operating in 38 states and nine countries in the US.