Jollibee takes full bite of Smashburger for $10MBy The Manila TimesJOLLIBEE Foods Corp. has fully acquired US-based Smashburger, following the purchase of its remaining stake in the Filipino-owned fastfoid chain for $10 million or P526 million. In a regulatory filing on Friday, Jollibee said it acquired in cash, the remaining 15-percent stake in SJBF LLC, owner of Smashburger, through its subsidiary Bee Good! “Jollibee is now the sole owner of the Smashburger business,” it said. Following the purchase, Jollibee said it would pour in more capital into Smashburger by converting an $80 million loan held by BGI into equity to support Smashburger’s growth in 2019. “We look forward to the development of Smashburger into a very strong brand and business in the United States,” Jollibee Chairman Tony Tan Caktiong said.

Source: Manila Times December 14, 2018 03:56 UTC