Eyewitness This: L.A.-based Coffee Bean & Tea Leaf acquired by Phillipines food giant Jollibee

LOS ANGELES (KABC) -- Los Angeles-based Coffee Bean & Tea Leaf will have a new owner soon.

Jollibee, the Phillipines' largest fast-food chain that's best known for their fried chicken and bee mascot, is scooping up the struggling coffee chain in a $350 million deal. The buyout shifts ownership of Coffee Bean overseas and will expand the chain in Asia. It's the largest acquisition to date for Jollibee as it tries to become a bigger player in the coffee world, dominated by Starbucks. The deal is expected to close in 60 days.

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