Philippines' Jollibee to buy South Korea's Compose Coffee for $238m

Acquisition adds coffee chain to fast-food purveyor's portfolio

A Compose Coffee store in Seoul. Philippine fast food giant will enter the highly competitive South Korean cafe market. (Photo by Steven Borowiec)

RAMON ROYANDOYAN, Nikkei staff writer

July 2, 2024 14:26 JST

Updated on July 2, 2024 17:29 JST

MANILA -- Philippine fast food chain Jollibee Foods (JFC) is buying a controlling stake in one of South Korea's largest coffee shop chains, Compose Coffee, to raise its brand profile across Asia.

Jollibee announced the deal in a filing to the Philippine Stock Exchange on Tuesday, which said that the Philippine company will take a 70% stake in the brand. The value of the acquisition is pegged at $238 million.