The directors of both Burger King and Tim Hortons have reached unanimous agreement on a $26-billion deal that will see Burger King take over and move its head office from Miami to Oakville, Ont.
The deal brings Tim Hortons 4,546 restaurants together with Burger King’s 13,617 in 100 countries.
Despite the huge difference in the number of restaurants, their total share prices are close - $8.4 billion for Tim’s, $9.5 billion for Burger King.
Their combined annual sales are about $22 billion.
3G Capital, which controls Burger King, will hold 51 per cent of Tim Hortons.
The combination will become the world’s third-largest restaurant chain.
Burger King will maintain its international head office in Miami.
Moving the other head office to Oakville is seen by many Americans as an “inversion” to move from a 35 per cent tax on profits in the U.S. to 26 per cent in Canada.