Merger forms world's third-largest QSR company

Burger King has merged with restaurant chain Tim Hortons to create the world’s third-largest quick-service restaurant (QSR) company. Between them, the two companies have more than 18,000 restaurants in 100 countries and approximately US$23 billion in system sales.

“By bringing together our two iconic companies under common ownership, we are creating a global QSR powerhouse,” said Alex Behring, Executive Chairman of Burger King and Managing Partner of 3G Capital.

“Our combined size, international footprint and industry-leading growth trajectory will deliver superb value and opportunity for both Burger King and Tim Hortons shareholders, our dedicated employees, strong franchisees and partners. We have great respect for the Tim Hortons team and look forward to working together to realise the full potential of these two extraordinary businesses.”

Behring will lead the new company as its executive chairman and director. Marc Caira, President and CEO of Tim Hortons, will be appointed as vice-chairman and a director. Burger King CEO Daniel Schwartz will become Group CEO of the new company, with overall day-to-day management and operational accountability.

Caira and Schwartz will continue as CEOs of Tim Hortons and Burger King respectively during the transition period. Tim Hortons will retain its headquarters in Oakville, Ontario; Burger King will retain its headquarters in Miami, Florida. The new company is expected to be listed on the New York Stock Exchange and the Toronto Stock Exchange.