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Tim Hortons Plans China IPO

2021-08-23


Photo by www.rli.uk.com

 

The iconic coffee brand is set to go public in China through a merger deal with Silver Crest Acquisition Corp.

 

The deal is expected to close later this year and will give Tim Hortons China a Nasdaq listing. It will also help fund the brand’s ambitious plans to roll out more than 2,750 stores in the region over the next five years. According to Yongchen Lu, Chief Executive Officer of Tim Hortons China, the brand will ‘have nearly 400 units by the end of this year, opening one every 36 hours.’

 

The value of its China business is expected to reach around $1.7bn once the merger is closed and existing shareholders, including Tencent Holdings and Sequoia Capital, will own 80 per cent of the shares after the deal is complete.

 

Tim Hortons first debuted in China in 2019 with its first store in Shanghai, now then chain operates 199 locations across the country and plans to double this number before the end of the year.

 

Source: www.rli.uk.com

Source: www.rli.uk.com
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