MANILA - Jollibee Foods Corp said Tuesday it secured US government approvals for its acquisition of an additional 45-percent stake in Smashburger.
The transaction will raise the stake of Jollibee unit Bee Good! Inc in Smashburger to 85 percent, giving it a "more significant business" in the US, the Philippines' largest fast food operator told the stock exchange.
Jollibee said the share purchase agreement between Bee Good Inc! and Smashburger Master LLC was approved by the US Federal Trade Commission and the Department of Justice.
Jollibee Foods has 37 outlets of its eponymous restaurant in the US, offering its signature fried chicken and burgers to homesick Filipinos.
The company also recently opened new stores in Canada and Italy, marking its first foray into Europe.