Burger King, Canada, Tim Horton's

Published 08/26 2014 10:20AM

Updated 08/26 2014 10:23AM


MIAMI - Burger King (BKW) is buying Canadian coffee-and-doughnut chain Tim Hortons (THI) for about $11 billion, creating the world's third-largest fast-food company.

The corporate headquarters of the new company will be in Canada, a move that may help Burger King lower its taxes. Burger King will still run its business out of Miami.

The combined company will have more than 18,000 locations in 100 locations worldwide, according to Burger King.

"Over the past four years, we have transformed Burger King into one of the fastest-growing and most profitable QSR businesses in the world, through successful international growth, a consistent focus on brand revitalization and strong commitment to our franchisees," said Burger King CEO Daniel Schwartz in a statement. "We are excited to build on this progress as we continue to expand Burger King around the world and look forward to working with and learning from Tim Hortons as we together create the world's leading global restaurant business."

Read the full article here: http://www.cbsnews.com/news/burger-king-swallows-tim-hortons-for-11-billion/

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