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Companies

Philippines' Jollibee becomes 100% owner of US's Smashburger

Asian fast-food giant doubles down expansion in North America

Jollibee has been making big moves in the U.S. to reach its goal of becoming one of the world's top five restaurant operators.

MANILA -- Jollibee Foods is paying $10 million to buy out the remaining 15% stake in Smashburger, as the Philippine fast-food leader doubles down on expansion in the U.S., a key pillar of its global ambitions.

The deal makes Smashburger a wholly owned subsidiary and brings about the exit of Rick Schaden and his partners from the Denver, Colorado-based company that he co-founded in 2007.

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