News

Burger King, Tim Hortons officially form Restaurant Brands International Inc.

December 10, 2014

After shareholder approval from both companies this week, as well as a green light from the Canadian federal government, Burger King Worldwide and Tim Hortons Inc. have officially formed their joint company, Restaurant Brands International Inc.

The transaction is expected to close Dec. 12. Preliminary results from the stockholders' elections, held by both chains on Tuesday, include:

• Holders of approximately 267,581,737 shares of Burger King Worldwide common stock (including approximately 3,219,317 shares delivered via guaranteed delivery), or approximately 76 percent of the outstanding shares of Burger King Worldwide common stock, made an election to receive Restaurant Brands International Limited Partnership exchangeable units.
• Holders of approximately 84,465,429 shares of Burger King Worldwide common stock, or approximately 24 percent of the outstanding shares of Burger King Worldwide common stock, did not make an election or were deemed not to have made an election and will receive 0.99 Restaurant Brands International common shares and 0.01 Partnership exchangeable units.
• Holders of approximately 2,093,443 common shares of Tim Hortons, or approximately 2 percent of the outstanding common shares of Tim Hortons, made a cash election.
• Holders of approximately 95,703,801 common shares of Tim Hortons, or approximately 72 percent of the outstanding common shares of Tim Hortons, made an election to receive Restaurant Brands International common shares.
• Holders of approximately 34,778,927 common shares of Tim Hortons, or approximately 26 percent of the outstanding common shares of Tim Hortons, either made an election to receive a combination of cash and Restaurant Brands International common shares or did not make an election or were deemed not to have made an election and will receive the mixed consideration.

The new company will include more than 18,000 restaurants operating in 100 countries under its two brands. 

"We are excited to unveil the name of our new global company, which conveys our mission to create the world's leading global restaurant business through a strong commitment to our franchisees and a consistent focus on serving guests around the world," BKW CEO Daniel Schwartz said in a news release.

Schwartz is also the incoming CEO of RBI.

Tim Hortons' CEO Marc Caira said the new company signifies "exciting opportunities for international expansion."

"As part of Restaurant Brands International, Tim Hortons will remain an independent, iconic Canadian brand, but with significant opportunities to accelerate our brand development around the world," he said.

Upon close of the transaction, shares of Restaurant Brands International will be traded on the New York Stock Exchange and the Toronto Stock Exchange under the trading symbol QSR.

Units of Restaurant Brands International Limited Partnership are expected to trade on the Toronto Stock Exchange under the trading symbol QSP.