HOMEGROWN fast-food giant Jollibee Foods Corp. will acquire a majority stake in South Korea's Compose Coffee as part of a deal valuing the target at $340 million, the company said on Tuesday.It will be Jollibee's largest acquisition in terms of the number of stores and continues the company's expansion overseas, which will account for the majority of its branches in the future.Unit Jollibee Worldwide Pte will acquire 70 percent of privately-held Compose Coffee Co. Ltd. and JMCF Co.
The acquisition is expected to be cash accretive, creating shareholder value over the long run, he added.Compose Coffee has 2,470 stores, all franchised, giving it a debt-free balance sheet, and good cash returns and profit margins, said Jollibee, which will increase its global store network to 10,000 with the deal.The investment gives Jollibee access to South Korea, which ranks third globally in terms of coffee consumption per capita, the company said.
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