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Burger King Buys Out by Jollibee

American food chain Burger King was bought by the leading Philippine fast food chain Jollibee Foods Corp. on Friday, as revealed by the Philippine Stock Exchange.

Jollibee acquired 54-percent stake in BK Titans Inc., owner of PERF Restaurants that, in turn, is the sole franchisee of the Burger King brand in the Philippines. The deal was priced at 65.5 million pesos (US$1.49 million).

Burger King has 23 branches in the country, mostly located in Metro Manila. It generates an annual revenues of P800 million.