A row of Tim Hortons coffee cups are lined up for customers at Penn Station in New York, July 13, 2009. Tim Hortons Inc. today began serving its coffee, baked goods and soups and sandwiches for the first time in New York. Brendan McDermid/Reuters
Burger King is in talks to buy Tim Hortons Inc. and form a new publicly listed company that would be based in Canada.
The company said in a statement Sunday night that Canada would be the largest market of the combined company.
The statement said 3G Capital, the majority owner of Burger King, would continue to own the majority of the shares of the new company on a pro forma basis, with the remainder held by existing shareholders of Tim Hortons and Burger King.
The companies say Ontario-based Tim Hortons and Miami-based Burger King would operate as standalone brands.
The statement adds that the new corporation would be the world's third-largest quick service restaurant company, with approximately $22 billion in system sales and more than 18,000 restaurants in 100 countries worldwide.
The companies say they will not comment further unless there is a deal.