Viet Thai International (VTI), founded by Highlands Coffee founder David Thai, has agreed to acquire an additional 11% stake in Highlands Coffee from Jollibee Foods Corporation for approximately VND 2.3 trillion (USD 88 million).
Upon completion, VTI’s ownership will increase from 40% to 51%, while Jollibee’s stake will decline to 49%, effectively returning controlling ownership of Highlands Coffee to its Vietnamese founder.
The transaction implies an equity valuation of around USD 800 million for Highlands Coffee’s Vietnam business. Jollibee will remain a significant minority shareholder and continue to participate in the company’s governance.
From an M&A perspective, the deal is notable because the 11% stake carries strategic value beyond its nominal percentage: it moves VTI above the 50% threshold and transfers corporate control back to the founder.
Highlands Coffee has expanded from just over 50 stores when Jollibee first invested to more than 1,000 outlets today, becoming one of Vietnam’s largest coffee chains. The transaction also comes as Highlands explores a potential IPO in Vietnam, making the USD 800 million valuation an important market reference ahead of any future listing.
For M&A Vietnam, the deal illustrates a broader trend: foreign strategic investment does not always end with a full exit or permanent loss of founder control. In some cases, ownership can be rebalanced after years of joint value creation, while both sides continue to benefit from future growth.
Sources: Jollibee Foods Corporation, 23 September 2026; Reuters, 4 March 2026; VnExpress, 24 September 2026.
