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Burger King Ma

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Deal of the Week: Burger King to buy Canada's Tim Hortons for $11.5B
Announcement Date Acquirer Acquirer Description                 August 26, 2014 Burger King Worldwide (NYSE: BKW) Operates and franchises fast food hamburger restaurants under the Burger King brand name. Approximately 14,000 locations worldwide Founded in 1954 and headquartered in Miami, Florida Mkt Cap: $11.3 billion  LTM EBITDA: $672.1 million EV: $13.4 billion  LTM EV / Revenue: 12.9x LTM Revenue: $1.0 billion  LTM EV / EBITDA: 19.9x Tim Hortons (TO: THI.TO) Develops and franchises quick service restaurants primarily in Canada and the United States. As of June 29, 2014, the company had 3,630 locations in Canada and 866 in the United States Founded in 1964 and headquartered in Oakville, Canada Mkt Cap: $10.7 billion  LTM EBITDA: $758.1 million EV: $12.0 billion  LTM EV / Revenue: 3.9x LTM Revenue: $3.1 billion  LTM EV / EBITDA: 15.8x Price: $11.5 billion  Consideration: Cash & Stock JP Morgan and Wells Fargo In announcing their $11.5 billion merger, Burger King and Tim Hortons declared their intentions to become a truly global fast‐food empire whose offerings span from breakfast to dinner 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 $85.78 a share, based on Burger King’s closing price on Monday The combined company will be based in Canada, where its biggest market is. And Tim Hortons will still be run out of its home base in Oakville, Ontario. Burger King will be operated from Miami Shares in the new combined entity will be listed on the New York Stock Exchange and the Toronto Stock Exchange Berkshire Hathaway agreed to buy $3 billion worth of preferred stock, which carries an annual dividend of 9%, to help...

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