Jollibee eyes Mexican food venture or acquisition in US

ABS-CBN News

Posted at Jul 03 2018 09:49 AM

From Jollibee US Facebook page

MANILA -- Jollibee said Tuesday it was looking to acquire a Mexican brand in the US, as it challenges the world's top fast food operators.

Jollibee confirmed to the stock exchange a Philippine Star report, which quoted company officials as saying that discussions were ongoing for an acquisition or a joint venture, which may be finalized within the year.

The Philippines' largest fast food operator has over 2 dozen stores in the US and recently raised its stake in Smashburger to 85 percent for $100 million.

"The acquisition of new businesses has always been part of our growth strategy. The company keeps looking for opportunities for new business acquisitions as a matter of on-going practice and it has on-going discussions with potential targets," Jollibee said in a disclosure.

In the Philippine Star report, Jollibee chairman Tony Tan Caktiong said: "Since the start of Jollibee 40 years ago, I have always dreamt it to be the largest food company in the world."

The company in March opened a Jollibee branch in Milan, its first in Europe. In May, it announced plans to acquire the master franchise of Tim Ho Wan in the Asia Pacific.