MANILA - Jollibee Foods Corp said Thursday it signed a purchase agreement for the acquisition of an additional 45-percent stake in US-based Smashburger.
Plans for the $100-million acquisition, which will be made by Jollibee subsidiary Bee Good! Inc, was first announced in February.
The transaction will raise the stake of the Philippines' largest fastfood operator in Smashburger to 85 percent.
Jollibee shares were down 1.91 percent in early trading compared to a 0.57-percent decline in the main index.