Homegrown fast-food giant Jollibee Foods Corp. has consummated a deal to acquire a controlling stake in US hamburger chain Smashburger, taking a bigger bite of the vast US market and scaling up its global footprint.
In a disclosure to the Philippine Stock Exchange on Tuesday, Jollibee said the closing conditions, including required government approvals, had been obtained as provided under the March 8 purchase agreement signed by wholly-owned subsidiary Bee Good! Inc. (BGI) for the acquisition of additional 45 percent of SJBF LLC, the parent company of the entities comprising the Smashburger business.
With the execution of this $100-million deal with Smashburger Master LLC, Jollibee now officially owns 85 percent of Smashburger through BGI, the disclosure said.