Tim Hortons’ China biz to go public in $1.7bn SPAC merger

The deal is expected to close in the fourth quarter.

The operator of Tim Hortons in China is set to go public, following an agreement to merge with special purpose acquisition company (SPAC) Silver Crest Acquisition Corporation.

In a regulatory filing, Silver Crest said the transaction will give Tim Hortons China a Nasdaq listing and would value the business at about US$1.69 billion, including debt.

The deal is expected to close in the fourth quarter.

Tim Hortons China is a joint venture between Restaurant Brands International Inc., owner of the coffee chain, and private equity firm Cartesian Capital Group. Other investors include Sequoia Capital China and Chinese internet giant Tencent Holdings Ltd.

Existing shareholders will get about 80% of the combined company when the SPAC merger closes, which would provide Tim Hortons China capital for future store development and other potential growth investments.

Tim Hortons first debuted in China in 2019 with its first store in Shanghai. It currently operates more than 150 stores in the market, and has plans to add more than 200 shops to its network this year.

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