Jollibee, the Philippines’ largest fast food chain, is taking a big step to expand its business internationally.
The company said it plans to acquire California-based Coffee Bean & Tea Leaf, which has nearly 1,200 stores across more than 25 countries. The brand’s cafes serve brewed coffee and sweet blended drinks like chocolate cookie lattes and frozen mango sunrise ice blended tea.
Jollibee wants to focus on growing the Coffee Bean & Tea Leaf brand in Asia. In a press release, Jollibee’s Chairman Tony Tan Caktiong said the deal will enable the company to “become an important player in the large, fast growing and profitable coffee business.”
Starbucks (SBUX) and Luckin Coffee (LK) have also been expanding their Asian businesses. Luckin announced this week it will partner with Kuwait-based company The Americana Group to set up a coffee retail business in the Middle East and India. And Coca-Cola (KO) bought Costa Coffee for $5 billion last year to catch onto the growing international coffee scene.