Jollibee completes $100M Smashburger takeover
Jollibee Foods Corp. has sealed the acquisition of an additional 45 percent stake in Denver-based Smashburger after securing the approval of regulatory authorities.
The acquisition boosts JFC’s total holdings in Smashburger to 85 percent, giving the Philippines’ largest fastfood group significant presence in the US.
With its enlarged stake in Smashburger, US sales contribution to JFC Group’s worldwide systemwide sales from five percent to 15 percent.
The consolidation of Smashburger into JFC will increase its global store network by 365 stores to 4,162. This will also expand the group’s geographical footprint from 16 countries to 21 with the addition of Costa Rica, Egypt, El Salvador, United Kingdom, and Panama.
As of Feb. 28, JFC had 3,823 stores worldwide (2,884 in the Philippines and 939 overseas).