Burger King Worldwide, the fast-food chain that’s acquiring Canada’s Tim Hortons Inc., established a joint venture to increase its presence in Italy, Poland, Greece and Romania as part of its global expansion.
The venture, Burger King SEE SA, will have sub-franchise rights for all of those markets, the Miami-based company said today in a statement. While the chain already has restaurants in those countries, the venture plans “aggressive development” in the region, the company said today.
Burger King has been expanding internationally and agreed to acquire Tim Hortons in August in a bid to become the world’s third-largest fast-food chain. The purchase, valued at about C$12.5 billion ($11 billion), was approved by Canada’s government yesterday.
Burger King rose 2.6 per cent to $35.58 at 9:37 a.m. in New York. The shares climbed 52 per cent this year through yesterday.
Bloomberg News, edited by ESM
