NEW YORK (AP) – Tim Hortons and Burger King said Tuesday that they will become Restaurant Brands International when their tie-up closes, which is expected to happen this week.
In August Burger King agreed to pay $11 billion to buy Tim Hortons, a Canadian chain known for its coffee and doughnuts. Tim Hortons Inc shareholders approved the combination on Tuesday. US regulators have cleared the deal and the companies expect Canadian regulators to sign off on Friday, making the sale official.
Restaurant Brands International will be based in Canada, and its 18,000 locations in 100 countries will make it the world’s third-largest quick service restaurant company. The companies said shares of Restaurant Brands will trade under the ticker symbol “QSR” on the New York Stock Exchange and the Toronto Stock Exchange.
3G Capital, which controls Burger King, will have a 51-per-cent stake in the combined company.
Shares of Burger King Worldwide Inc lost $1.34, or four per cent, to $32.48. Tim Hortons stock fell 78 cents to $82.98.