Restaurant Brands International

Restaurant Brands International Inc. operates as a quick-service restaurant company in Canada and internationally. It operates through four segments: Tim Hortons (TH), Burger King (BK), Popeyes Louisiana Kitchen (PLK), and Firehouse Subs (FHS). The company owns and franchises TH chain of doughnut/coffee/tea restaurants that offer blend coffee, tea, and espresso-based hot and cold speciality drinks; and fresh baked goods, including doughnuts, Timbits, bagels, muffins, cookies and pastries, grilled paninis, classic sandwiches, wraps, soups, and others. 

It is also involved in owning and franchising BK, a fast food hamburger restaurant chain, which offers flame-grilled hamburgers, chicken and other speciality sandwiches, french fries, soft drinks, and other food items; and PLK quick service restaurants that provide Louisiana-style fried chicken, chicken tenders, fried shrimp and other seafood, red beans and rice, and other regional items. 

In addition, the company owns and franchises FHS restaurants quick-service restaurants that offer subs, soft drinks, and local specialities. As of February 15, 2022, the company had approximately 29,000 restaurants in 100 countries under the Tim Hortons, Burger King, Popeyes, And Firehouse Subs brands. Restaurant Brands International Inc. was founded in 1954 and is headquartered in Toronto, Canada.

On August 24, 2014, American fast-food chain Burger King announced that it was in negotiations to merge with the Canadian coffee shop and restaurant chain Tim Hortons. The proposed merger would involve a tax inversion into Canada, with a new holding company majority-owned by Burger King's current majority-owner, 3G Capital, and the remaining shares in the company held by current Burger King and Tim Hortons shareholders. A Tim Hortons representative stated that the proposed merger would allow Tim Hortons to leverage Burger King's resources for international growth; the two chains would retain separate operations post-merger. News of the proposal caused Tim Hortons' shares to increase in value by 28 percent. 

On August 25, 2014, Burger King officially confirmed its intent to acquire Tim Hortons Inc. in a deal totalling CDN$ 12.5 billion. 3G Capital purchased the company at $65.50 per share, and existing shareholders received $65.50 in cash and 0.8025 shares in the new holding company: per-share—all-cash and all-shares options would also be available. Due to its iconic status in Canadian culture, CEO Marc Caira reassured the integrity of Tim Hortons following the purchase, stating that the acquisition would "enable us to move more quickly and efficiently to bring Tim Hortons' iconic Canadian brand to a new global customer base". Although tax inversions, a process in which a company moves its headquarters to a country with a lower tax rate but maintains the majority of its operations in its previous location, had been a recent financial trend, it did not have as much of an impact on Burger King's reincorporation in Canada. 

The corporate tax rate in the United States was at the time 39.1%, while Canada's corporate tax rate is only 26%; however, Burger King had already used various sheltering techniques to reduce its tax rate to 27.5%. As a high-profile instance of tax inversion, news of the merger was criticized by U.S. politicians, who felt that the move would result in a loss of tax revenue to foreign interests, and could result in further government pressure against inversions. 3G Capital co-founder Alex Behring denied that the merger was tax-related, stating that it was "fundamentally about growth and creating value through accelerated expansion". The deal was approved in Canada by the Competition Bureau on October 28, 2014, ruling that the deal was "unlikely to result in a substantial lessening or prevention of competition". The deal was approved by Minister of Industry James Moore on December 4, 2014; the two companies agreed to conditions, requiring that the Burger King and Tim Hortons chains retain separate operations, not combine locations in Canada and the United States, maintain "significant employment levels" at the Oakville headquarters, and ensure that Canadians make up at least 30% of Tim Hortons' board of directors. 

Tim Hortons shareholders approved the merger on December 9, 2014; the same day, it was announced that the new holding company would be known as Restaurant Brands International, and trade under the ticker symbol QSR. Vice-chairman Marc Caira felt that the merger was the "next chapter" for Tim Hortons, envisioning a "bolder, more assertive, and dynamic Tim Hortons in the future" alongside its prospects for international expansion.

On February 21, 2017, RBI announced its intent to acquire Popeyes Louisiana Kitchen for US$1.8 billion at US$79 per share. On March 27, 2017, the deal closed with RBI purchasing Popeyes at $79 per share via Orange, Inc, an indirect subsidiary of RBI. On November 15, 2021, RBI announced its intent to acquire Firehouse Subs for US$1 billion. The acquisition was completed on December 15, 2021.

“At RBI, our big dream is to build the most loved restaurant brands in the world.”

“Core to our vision of building the most loved restaurant brands in the world are the values that guide our work, our actions and our interactions each and every day as a company.”