By Josh Beckerman

 

Blank-check company Silver Crest Acquisition Corp. agreed to merge with Tim Hortons China in a deal with an implied enterprise value of $1.69 billion.

The deal is expected to close in the fourth quarter.

In 2018, Restaurant Brands International's Tim Hortons chain said it entered a joint venture agreement with Cartesian Capital Group to bring Tim Hortons restaurants to China. Investors in Tim Hortons China include Sequoia Capital China and Tencent Holdings Ltd.

An investor presentation discusses growth plans for the chain, and its success with localized products, such as changing Timbits to mochi holes.

 

Write to Josh Beckerman at josh.beckerman@wsj.com

 

(END) Dow Jones Newswires

August 16, 2021 16:15 ET (20:15 GMT)

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