Tim Hortons has officially merged with Burger King, a statement from the newly formed parent company said Friday afternoon.
“The transaction creates Restaurant Brands International, a new global quick service restaurant leader operating two iconic, independent brands,” the statement said.
Today is the last in which Tim Hortons and Burger King will remain independent firms, with shares of each ceasing trade at the closing bell. On Monday morning, shares in Restaurant Brands International, listed under the symbol QSR, will replace the two tickers.
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.
The $12-billion deal was completed following approval from the Ontario Superior Court of Justice on Thursday, which followed approval from Industry Canada and Tim Hortons shareholders this past week.
Industry Minister James Moore approved the deal last Thursday, which was first announced in August. As a rule, Industry Canada reviews any foreign takeover over a certain value to determine whether the deal is a “net benefit” to the country.
“The result of this transaction is this new global company, with sales of more than $23 billion annually, which will now be based in Canada,” Moore said.
Some critics have warned that Burger King’s owners, Brazil-based 3G Capital, willimplement deep cost cuts among other efforts to squeeze bigger profits out of the chain. Last month, Tim Hortons said it was raising prices on coffee and some select menu items.