Jollibee Foods Corp. -- a multinational restaurant company based in the Philippines and owner of the country's largest fast food chain Jollibee -- will acquire a 70-percent stake in South Korean coffee chain Compose Coffee for $238 million, as part of its global expansion of coffee and tea businesses, the Manila-based firm said Wednesday.

As per the company’s statement, 70 percent of the Korean coffee brand is to be acquired by Jollibee Worldwide Pte. Ltd, while Jollibee Foods' majority-owned Titan Fund and S. Korean private-equity firm Elevation will assume the remaining 5 percent and 25 percent, respectively. The total transaction amount is about $340 million.

“We believe that Compose Coffee is a compelling strategic fit for JFC and is on track to becoming the largest, fastest-growing and leading value coffee player in South Korea,” Jollibee Foods said in a statement.

Founded in 2014, Compose Coffee is one of the leading chains in the value coffee market in Korea, running around 2,500 shops nationwide, all of them franchises, as of March. Following the acquisition, Compose Coffee will become Jollibee’s biggest brand by store count, with an expected increase in the store network to nearly 10,000.

Known for budget-friendly coffee, with Americanos priced at 1,500 won ($1.1), the coffee chain recorded 88.9 billion won in revenue last year, a 20.5 percent increase compared to the previous year. It marked 36.7 billion won in profit, up 47 percent on-year. Currently, Korean singer Kim Tae-hyung, or V, of BTS, serves as the brand ambassador.

The acquisition adds Compose Coffee to Jollibee Foods' coffee and tea portfolio, which includes Highlands Coffee, Milksha, Coffee Bean, Common Man Coffee Roasters and Tea Leaf.