Jollibee Foods is buying 70% of the Mang Inasal chain of chicken restaurants, according to businessworld.
Amounting to a total of P 3 billion, Jollibee said it would pay P200 million in down payment to the owner of Mang Inasal Philippines, Inc., Injap Investments, Inc. which is led by Edgar Sia III.
The deal will be completed in 30 days, subject to due diligence by Isla Lipana & Co. and law firm Romulo Mabanta.
The homegrown fast food chain said Mang Inasal would add the equivalent of 5% of Jollibee Foods’ worldwide system sales and 7% of profits. The acquisition will also increase Jollibee Food’s worldwide network of stores by 16%.
Mang Inasal, formed in 2003, currently has 303 grilled chicken stores. Jollibee Foods has more than 1,953 worldwide.