Burger King Worldwide Inc (NYSE:BKW) is the Miami-based fast-food hamburger restaurant. Burger King had agreed in August to buy the Canadian Coffee and Doughnut restaurant chain, Tim Hortons Inc. (NYSE:THI). This deal was awaiting the approval from Canadian government. This approval was finally granted by Canadian government on Thursday. Bloomberg’s Scarlet Fu reported on Bloomberg TV about this.
Fu mentioned that Canadian government has agreed to Burger King Worldwide Inc (NYSE:BKW)’s acquisition of Tim Hortons Inc. (NYSE:THI) with some conditions. The conditions state that the Burger King Worldwide Inc (NYSE:BKW) has to maintain the employment across Canada after the takeover and it would expand globally outside Canada post acquisition.
“The Canadian Government is approving Burger King’s purchase of Tim Hortons but there are conditions. Burger King will have to maintain employment level across Canada and list the company in Toronto. It will also be required to accelerate the expansion of new restaurants outside of Canada. Burger King said in August, it plan to acquire Tim Hortons for about a $11 billion,” Fu reported.
The acquisition story between Burger King Worldwide Inc (NYSE:BKW) and Tim Hortons Inc. (NYSE:THI) started back in August, when Burger King expressed its interest in merger with Tim Hortons. The deal was announced to be around $11 billion through cash and stocks. This merger would make it the third-largest fast food chain the world. The combined company would have more than 18000 stores worldwide.
One of the conditions posted by Canadian government includes the listing of combined company in Toronto Stock Exchange. This deal is almost done and await for its final approval from shareholders of Burger King Worldwide Inc (NYSE:BKW).
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