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Philippines' Jollibee completes $350M purchase of Coffee Bean & Tea Leaf

Jollibee Foods Corp. said Sept. 24 that it completed the previously announced acquisition of Los Angeles-based International Coffee & Tea LLC, doing business as The Coffee Bean & Tea Leaf, for $350 million.

The Philippines-based fast-food chain funded the deal with proceeds from bridge loans arranged by Jollibee Worldwide Pte. Ltd., a subsidiary of Jollibee Foods.