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Canadian regulators clear 3G Capital’s merger of Burger King, Tim Hortons

Canada’s Competition Bureau has approved Burger King Worldwide Inc‘s acquisition of Canadian coffee chain Tim Hortons Inc. The agency said the combination is unlikely to result in a substantial lessening or prevention of competition. The $12.64 billion cash-and-stock deal, which is backed by Burger King majority investor 3G Capital, was announced in August. Data provider Preqin recently called it the largest private equity transaction so far in 2014.

PRESS RELEASE

Competition Bureau clears Burger King/Tim Hortons merger

October 28, 2014 — OTTAWA, ON — Competition Bureau

The Competition Bureau announced today that it has issued a No Action Letter (NAL) with respect to Burger King’s acquisition of Tim Hortons.

The Bureau concluded that this transaction is unlikely to result in a substantial lessening or prevention of competition due to, among other things, the existence of a large number of competitors and the low barriers to entry in the fast food industry.

The transaction is subject to other regulatory approvals.

A NAL confirms that the Bureau has reviewed a specific proposed transaction and concluded that it will not, at this time, challenge that proposed transaction before the Competition Tribunal under the mergers provisions of the Competition Act.

Quick Facts
•Founded in 1954, Burger King is the second largest fast food hamburger chain in the world. Burger King operates in approximately 14,000 locations in 98 countries and territories worldwide, including 300 restaurants in Canada.
•Tim Hortons is one of the largest publicly-traded restaurant chains in North America based on market capitalization, and the largest in Canada. As of June 29, 2014, Tim Hortons had 4,546 systemwide restaurants, including 3,645 in Canada.

Contacts

For media enquiries, please contact:
Media Relations
Telephone: 819-994-5945
Email: media@cb-bc.gc.ca

For general enquiries, please contact:
Information Centre
Competition Bureau
Telephone: 819-997-4282
Toll free: 1-800-348-5358

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