Burger King has confirmed plans to to buy Canadian coffee-and-doughnut chain Tim Hortons, and will move its headquarters to Ontario. Burger King is the largest fast food chain, contrary to the belief that McDonald’s would have that title. Today the franchise announced that its merge with Tim Hortons. The deal is worth about $11 billion, and will create the world’s third largest quick service restaurant company with about $23 billion in sales and more than 18,000 restaurants in 100 countries.
According to USA Today, “The new global company will be headquartered in Canada, but each brand will be managed independently, with Burger King retaining its U.S. offices in Miami, the two companies said in a joint statement.”
Alex Behring, executive chairman of Burger King and managing partner of 3G Capital, the majority owner of Burger King stated By bringing together our two iconic companies under common ownership, we are creating a global (quick service restaurant) powerhouse.”