MANILA - Jollibee Foods Corp said Tuesday it would raise its stake in US restaurant chain Smashburger to 85 percent, in a $100-million transaction to be paid in cash.
Jollibee said its subsidiary, Bee Good! Inc, would buy from Master LLC an additional 45 percent of Smashburger parent SJBF LLC.
Master will retain the ownership balance of 15 percent, Jollibee told the stock exchange.
"The transaction, valued at USD 100 million is expected to be completed in one to two months, subject to government approvals in the United States and meeting certain closing conditions. JFC will pay Master through BGI in cash," Jollibee said.
Jollibee shares were down 2.12 percent to P277, compared to a 0.32-percent advance in the main index.