Ernesto Tanmantiong, Jollibee Group global president and CEO said, ‘Securing Korea FTC approval is an important milestone that advances our planned acquisition of Shabu All Day. This investment strengthens our Korea growth platform and reflects our focus on scalable, high-return concepts that support profitable growth for the Jollibee Group.’
Photograph courtesy of Jollibee
Jollibee Foods Corporation has secured regulatory approval in South Korea for its planned acquisition of a major hot pot chain, marking a step forward in its push to expand its presence in the region.
The Korea Fair Trade Commission approved the acquisition by Jolli-K Co., Ltd., the company’s 70 percent-owned subsidiary, of All Day Fresh Co., Ltd., which operates “Shabu All Day,” the largest all-you-can-eat hot pot restaurant chain in Korea.
Boosting the group’s financial performance
The deal is expected to boost the group’s financial performance, contributing about 2 percent to total revenues and 8 percent to global earnings before interest and taxes, while also increasing its store network.
“Securing Korea FTC approval is an important milestone that advances our planned acquisition of Shabu All Day. This investment strengthens our Korea growth platform and reflects our focus on scalable, high-return concepts that support profitable growth for the Jollibee Group,” said Ernesto Tanmantiong, Jollibee Group global president and CEO.
Building stronger foothold in South Korea
The acquisition aligns with the company’s strategy to build a stronger foothold in South Korea, following earlier investments in the market, including its coffee business expansion.
