Will Jollibee buy Coffee Bean & Tea Leaf?

MANILA (BLOOMBERG, REUTERS) - Philippines' Jollibee Foods Corp said on Wednesday (July 24) it will spend US$350 million (S$477.7 million) to acquire loss-making Coffee Bean & Tea Leaf, its largest acquisition. Shares of the Philippine's biggest restaurant company fell the most in more than two years.

Did JFC buy Coffee Bean & Tea Leaf?

The deal is JFC’s biggest purchase yet. Jollibee Foods Corp., Philippines’ largest restaurant company, said it has acquired Coffee Bean & Tea Leaf for $350 million.

Who owns the Coffee Bean & Tea Leaf?

The Coffee Bean & Tea Leaf (sometimes shortened to simply "Coffee Bean" or "The Coffee Bean") is an American coffee chain founded in 1963. It is owned and operated by International Coffee & Tea, LLC, which has its corporate headquarters in Los Angeles, California .