Tim Hortons International Limited will merge with blank-cheque company Silver Crest Acquisition Corp., giving it a listing on the Nasdaq, according to financial filings. The deal values the combined entity at nearly US$1.7 billion. (The Logic)

Talking point: Cartesian Capital Group, the company running the Canadian coffee chain’s operations in China, has a partnership with Tim Hortons’ parent company, Restaurant Brands International, and backing from Sequoia China and Tencent. Blomberg first reported the parties were near a deal last week. Existing shareholders will own about 80 per cent of the merged company. The transaction is expected to close in the fourth quarter of this year. Silver Crest expects the Tims brand to expand rapidly in China, growing from 388 stores at the end of this year to 2,753 at the end of 2026. After a SPAC frenzy in 2020, deal-making has slowed this year as the U.S. Securities and Exchange Commission has called for better disclosures. SPACs have also faced a spate of lawsuits as some investors balk at post-merger stock-price drops.