Burger King and Tim Hortons Merge in $11 Billion Deal
Burger King has announced an agreement to buy Tim Horton's for more than $11 billion and create a new global headquarters in Canada.
The New York Times reports that Tim Horton's would continue to be run from its current home base in Oakville, Ontario, and Burger King would retain its company base in Miami, Florida.
The combined company will have 18,000 restaurants in 100 countries, and $23 billion in annual revenue.
The Wall Street Journal reported that Warren E. Buffett's investment firm is helping to finance the deal by purchasing $3 billion worth of preferred shares in the new company.
Tim Hortons CEO Marc Caira said, "Our customers, employees, franchisees and fellow Canadians can all rest assured that Tim Hortons will still be Tim Hortons following this transaction, including our core values, employee and franchisee relationships, community support and fresh coffee."