OTTAWA - The federal government is approving the takeover of Tim Hortons Inc. by Burger King Worldwide Inc.
Industry Minister James Moore signed off on the deal following a review of the agreement under the Investment Canada Act.
As part of the approval, the company has agreed to maintain the existing employment levels at Tim Hortons franchises across Canada and expand in the U.S. and globally faster than planned.
The combined company will also establish its headquarters in Oakville, Ont., and list on the Toronto Stock Exchange.
The Canadian franchisee rent and royalty structure will also remain at their current levels for five years.
Burger King agreed in August to buy Tim Hortons in a friendly deal worth more than $12 billion in stock and cash.
