Burger King Worldwide, Inc. will be the new owner of Tim Hortons Inc. in all likelihood by Friday afternoon. Or rather, Canada’s biggest coffee chain will be a division of Restaurant Brands International.
Restaurant Brands International (RBI?) is the name of the new Canadian company that’ll house both Tims and Burger King and be based in Oakville, Ont., where Tim Hortons currently resides.
If the name lacks imagination, it’s at least forthright. “The name reflects the new company’s global scale and reach,” the two fast-food chains said in a statement.
The new company, which will become the third-largest fast-food chain on the planet, will operate some 18,000 locations with plans to open many more “at a significantly greater pace” than what Tim Hortons had previously planned.
Tim Hortons customers will barely notice the name change however. Restaurant Brands International will stand as the corporate name for the company that owns the Tims and Burger King brands.
And there are no plans to mess with the Tims name in Canada or elsewhere for that matter. Tim Hortons’ wildly successful brand was a big reason why Burger King bought the donut chain – to take it to other markets.
“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,” Marc Caira, Tims chief executive said.
The new company’s shares will trade on the New York Stock Exchange and in Toronto under the symbol QSR, the abbreviation used by financial and industry types for Quick Service Restaurant.
All of this presumes the last hurdle of the deal is passed on Thursday. That’s when lawyers for Tim Hortons and Burger King will ask for final approval from an Ontario Superior Court of Justice, which the court is expected to provide.
WATCH: Burger King wins approval from Ottawa to buy Tim Hortons