Tim Hortons Inc. announced the company's shareholders have approved the transaction with Burger King Worldwide Inc. that will create a new global quick-service restaurant company. Following approximately 99.2 percent approval of votes cast by THI shareholders, the two companies announced the name of the new parent company, Restaurant Brands International. The name reflects the new company's global scale and reach, which will include more than 18,000 restaurants operating in 100 countries under its two distinct 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," says Daniel Schwartz, CEO of Burger King Worldwide, and incoming CEO of Restaurant Brands International.
"Restaurant Brands International builds on the rich heritages of our two companies and signifies the exciting opportunities for international expansion this transaction will create," says Marc Caira, president and CEO of Tim Hortons. "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."
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.
The transaction remains subject to customary closing conditions, including, among other things, approval and issuance of a final order of the Ontario Superior Court of Justice. The Ontario Superior Court of Justice hearing for the final order to approve the Arrangement is scheduled to take place on December 11, and completion of the Arrangement and related transactions is expected to occur on or about December 12.