According to reports, Burger King has agreed on Tuesday to buy the Canadian restaurant chain Tim Hortons for about $11.4 billion, making it the the third largest fast-food company in the world.
As part of the transaction, however, the American burger giant will move its home to Canada, where the combined company’s biggest market will be.
Under the terms of the deal, Burger King will pay 65.50 Canadian dollars in cash and 0.8025 of one of its shares for each Tim Hortons share. That amounts to about 94.05 dollars a share, or $85.78 a share, based on Burger King’s closing price on Monday.
The combined company will have 18,000 restaurants in 100 countries, and $23 billion in annual revenue.