Jollibee Foods eyes $1bn American fast-food company

Philippines-based Jollibee Foods is planning to acquire an American fast-food company with a market value of $1bn in a bid to expand its international operations.

Citing Jollibee chairman Tony Tan-Caktiong, Business Mirror reported that this is part of the company’s effort to shift away from its traditional market of serving overseas Filipinos in the world’s largest economy.

Tan-Caktiong also said that the company will seek a partner for this acquisition since it is too big for Jollibee.

It is estimated that this acquisition will have a market value of some PHP226bn ($5.09bn).

Tan-Caktiong was quoted by Business mirror as saying: “It should be a strong regional brand so that we can expand. We don’t want a brand that’s already big.”

Currently, Jollibee operates more than 2,200 stores in the Philippines and 1,000 stores overseas including 29 in the US. More than 80% revenue of the firm now comes from the Philippines and only 20% from abroad.

In December 2014, Jollibee Foods had signed a deal with Dunkin’ Brands Group to open 1,400 new Dunkin’ Donuts cafes in China over the next 20 years.

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Image: Jollibee runs its namesake stores that sell hamburgers and fried chicken in 29 locations across the US. Photo: courtesy of pakorn / freedigitalphotos.net.