Burger King, Tim Hortons Join Together

August 26, 2014 Updated Aug 26, 2014 at 1:00 PM EDT

By WKBW News
By Rachel Elzufon

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August 26, 2014 Updated Aug 26, 2014 at 1:00 PM EDT

Oakville Ontario and Miami, Florida (WKBW/Release) - Burger King Worldwide announced that it reached an agreement with Tim Hortons Inc. on Tuesday for the two chains to join together.

Burger King purchased Tim Hortons for $11 billion, according to the Associated Press.

According to a news release, "the new global company" will be based in Canada, in which the company has its largest market.

With the two companies joining together as one, it will have more than 18-thousand restaurants in 100 countries and about $23 billion in system sales.

A news release states that Tim Hortons and Burger King will continue "growing their unique brands."

Burger King Chairman, Alex Behring, will take the lead as Executive Chairman of the company. Tim Horton's President and CEO, Marc Caira, will be the group's Vice-Chairman and Director.

Even though the company and Tim Hortons will be headquartered in Canada, Burger King headquarters will remain in Miami, Florida. Because of that, Behring says it will continue to pay taxes in the United States.

Stay with Channel 7 throughout the day as this story develops.