Jollibee Foods to take control of Korea's Compose Coffee in $340m deal

Jollibee Foods to take control of Korea's Compose Coffee in $340m deal

FILE PHOTO: Ernesto Tanmantiong, President and CEO of Jollibee Foods Corp., poses with Jollibee products outside a Jollibee branch in Pasig City, Metro Manila, Philippines, July 30, 2019. REUTERS/Eloisa Lopez/File Photo

The Philippines’ biggest fast-food chain Jollibee Foods will acquire a majority stake in South Korea’s Compose Coffee, as part of a deal valuing the target at $340 million, the company said on Tuesday.