MANILA, Philippines—Homegrown fast-food giant Jollibee Foods Corp. (JFC) has signed a deal to acquire 51 percent of Taiwanese bubble tea chain Milksha for $12.8 million, adding a new brand that can be scaled up in the international market.
In a disclosure to the Philippine Stock Exchange on Thursday (Nov 4), JFC announced a deal to buy into Milkshop International Co. Ltd. through its wholly-owned subsidiary, Jollibee Worldwide Pte. Ltd.
First introduced in Taiwan in 1987, the bubble tea segment has since grown into a multi-billion-dollar industry worldwide.
The deal, which is still subject to closing conditions, is seen to give JFC the “opportunity to participate in this fast-growing beverage category and together with Milkshop’s founder, grow the Milksha brand globally.”
Milkshop operates over 250 outlets, 231 of which are in Taiwan. It also has presence in Hong Kong, Melbourne, Vancouver and Singapore.