Tim Hortons China went public via a SPAC merger with Ascendent-backed Silver Crest Acquisition in a $1.7bn deal.

Tim Hortons China, a fast-food restaurant chain, went public via a SPAC merger with Ascendent-backed Silver Crest Acquisition, a blank cheque company, in a $1.7bn deal. Existing shareholders of Tim now own 80% of the combined entity. “This is a notable milestone for Tims China and, more importantly, a tribute to our 4.5K dedicated professionals across China. The listing and associated funding will allow us to continue growing Tims China as we aim to build a profitable network of 2.7K stores by 2026. We are grateful to our millions of amazing guests, whose support and patronage is a true privilege,” Peter Yu, Tims China Chairman.