JOL­LIBEE FOODS CORP. TO IN­CREASE STAKE IN SMASHBURGER

Sun.Star Cebu - - BUSINESS -

Jol­libee Foods Corp. ( JFC) dis­closed yes­ter­day that its wholly-owned sub­sidiary Bee Good! Inc. (BGI), will pur­chase from Smashburger Master LLC an ad­di­tional 45 per­cent of SJBF LLC, the par­ent com­pany of the en­ti­ties com­pris­ing the Smashburger® busi­ness. This will in­crease BGI’s own­er­ship in SJBF LLC from the cur­rent 40 per­cent to 85 per­cent. Master will re­tain the bal­ance 15 per­cent own­er­ship. The trans­ac­tion, val­ued at $100 mil­lion, is ex­pected to be com­pleted in one to two months, sub­ject to govern­ment ap­provals in the United States and meet­ing cer­tain clos­ing con­di­tions. JFC will pay Master through BGI in cash. /

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