(Bloomberg) Burger King Worldwide Inc. agreed to acquire Tim Hortons Inc. for about C$12.5 billion ($11.4 billion) in a deal that creates the third-largest fast-food company and moves its headquarters to Canada.
Tim Hortons investors will receive C$65.50 in cash and 0.8025 a share of the combined entity for each share they own, the companies said in a statement today. The transaction, which is backed in part by Warren Buffett’s Berkshire Hathaway Inc., values each Tim Hortons share at C$94.05, based on Burger King’s closing price yesterday.
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