Jollibee Foods Corp. said Monday that its subsidiary Milkshop International Co., Ltd. is buying a 70 percent stake in Tien Hsia Sheng Co., Ltd. (Moon Moon Food) in a deal valued at TWD103.8 million—around P180 million.
The deal involves the acquisition of 980,000 shares, which will be paid in cash. The transaction is based on multiples-based valuation anchored on Moon Moon Food’s net profit after tax for 2023.
Upon completion of the deal, Moon Moon Food will be fully consolidated into Milksha’s portfolio, with Jollibee expected to account for 51 percent of any acquisition-related impact on Milksha’s financials. Moon Moon Food’s founder and CEO, Yung-Cheng Lai, will retain a 30 percent stake in the company.
This move is a significant step in Jollibee’s long-term strategy to expand its footprint in the rapidly growing global beverage market. Milksha, a leading brand in Taiwan’s tea segment, benefits from Moon Moon Food’s strong presence in the Chinese wellness soup category. Known for its culinary innovation, Moon Moon Food has been recognized by the Michelin Bib Gourmand for seven consecutive years (2018–present) and operates 13 outlets in Taiwan. In 2024, it opened its first international branch in Singapore, signaling its ambitions for regional growth.
The acquisition is expected to enhance Milksha’s competitive position in Taiwan by integrating Moon Moon Food’s unique offerings, enabling the combined entity to cater to evolving consumer preferences. The move also expands Milksha’s consumer base, boosts its scale, and adds to its growing valuation in the global beverage market.
This investment underscores Jollibee’s commitment to diversifying its portfolio beyond its core fast-food business, leveraging the fast-expanding beverage and wellness sectors for future growth.
