Stay warm up there, Burger King.
Photo: Burger King; Tim Hortons
Burger King has made yesterday’s news official, saying it’s agreed to shell out $11.4 billion for Tim Hortons to create the third-largest quick service restaurant company in the world, which will net an estimated $23 billion in annual revenue. The merger is requiring $3 billion in financing from Warren Buffett’s Berkshire Hathaway, and somewhat controversially, it will also allow the Florida-based company to move north to Canada’s greener tax pastures. Per the deal, Burger King will pay about 94.05 Canadian dollars, or $85.78, a share, and once merged, the combined company will have 18,000 restaurants in 100 countries. [NYT, Related]
