South Korea’s antitrust body has approved the acquisition of local buffet hot pot chain Shabu All Day by a subsidiary of Jollibee Foods Corporation, removing a key regulatory hurdle for the deal.
The Korea Fair Trade Commission granted clearance to Jollibee’s wholly owned unit Jolli-K Co., Ltd. to acquire All Day Fresh Co., Ltd., which owns and operates the Shabu All Day brand.
The transaction, pegged at around $88 million (KRW 130 billion), will add a network of nearly 170 restaurants across South Korea to Jollibee’s portfolio. Shabu All Day has built scale on a fixed-price, all-you-can-eat format centred on shabu-shabu, alongside self-serve bars offering cooked food, desserts and beverages, an operating model that delivers high table turnover and consistent unit economics.
Industry data indicates the chain has expanded rapidly in suburban and secondary city locations, with a footprint skewed toward large-format stores that cater to families and group dining, segments that have remained resilient in Korea’s post-pandemic recovery.
For Jollibee, the deal deepens its exposure to North Asia, following earlier moves in the market, including its investment in coffee chain Compose Coffee. The group has been actively diversifying beyond its core quick-service brands into adjacent dining formats with strong cash generation and scalability.
The company expects the acquisition to be earnings accretive, with projected gains of roughly 2% in revenues and about 8% in operating profit at the group level. The addition also marginally lifts Jollibee’s global store count while strengthening its presence in a market known for high consumer spending on dining out.
The transaction structure involves the acquisition of a controlling stake, with existing management expected to remain involved to support continuity and local execution, an approach Jollibee has followed in other international deals.
From a franchise standpoint, Shabu All Day’s standardised buffet model, centralised sourcing and repeatable store design offer clear potential for replication beyond Korea. The group is understood to be evaluating opportunities to introduce the concept in select Southeast Asian markets, where demand for communal dining formats continues to grow.
With regulatory approval now in place, the parties are expected to move toward closing in the coming months, subject to customary conditions. The deal underscores Jollibee’s continued reliance on acquisitions to scale its global footprint and build a diversified, multi-brand restaurant portfolio.
