Burger King Worldwide Inc., Miami, announced on Aug. 26 that it is buying Tim Hortons Inc., Oakville, Ontario, for approximately $11.4 billion in cash and stocks. One of the largest publicly-traded restaurant chains in North America and the largest in Canada, Tim Hortons had 4,546 restaurants—3,630 in Canada, 866 in the U.S. and 50 in the Gulf Cooperation Council—as of June 29, 2014.
With approximately $23 billion in annual sales, more than 18,000 restaurants in 100 countries and two independent brands, the new company will have an extensive international footprint and significant growth potential, according to a press release on Burger King’s website.