date:Aug 29, 2014
Burger King has confirmed the acquisition of Tim Hortons, the Canadian coffee and doughnut chain, for about $11bn, following an approval from the boards of directors of both companies.
The deal will create the world's third-largest fast-food chain, with a market capitalization of roughly $18bn and annual sales to the tune of $23bn.
The new entity would have 18,000 restaurants in 100 countries. Burger King's majority shareholder, 3G Capital, will own about 51% of the merged company.
Under the