Philippine fast food giant Jollibee Foods Corp. has completed a $350-million takeover of American beverage and food retailer Coffee Bean and Tea Leaf (CBTL), becoming the first Filipino firm to have a significant investment in the global coffee retailing space.

The transaction was closed following the completion of conditions, including government approvals, provided by the purchase agreement, Jollibee told the Philippine Stock Exchange (PSE) on Tuesday, Sept. 24.

Consistent with earlier-announced terms, Jollibee acquired 100 percent of CBTL for $350 million.

With presence in 27 countries, CBTL will add 14 percent to Jollibee’s global sales, 26 percent to its total store network and boost the share of Jollibee’s international business to 36 percent of worldwide sales. This is in line with Jollibee’s aspiration to be one of the top five restaurant companies in the world.

As of end-August 31, CBTL had 1,180 outlets, of which 336 are company-owned and 844 were franchised.  Of these, 288 are in the US, 439 in Southeast Asia (Philippines 150, Indonesia 88, Malaysia 100, Singapore 65), 301 in East Asia (South Korea 290), 152 in the Middle East and other parts of Asia (Kuwait 36, Qatar 28, Saudi Arabia 16, Egypt 13, India 25).

Although CBTL was losing, Jollibee aimed to turn its fortunes around in 12 to 18 months. In 2018, CBTL suffered a net loss of $21 million.