Alternate headline: Warren Buffet’s secretary now paying more in taxes than Burger King.

Via CNBC:

Burger King on Tuesday confirmed plans to acquire Ontario-based Tim Hortons for about $11 billion—creating a new company to be based in Canada with combined sales of $23 billion.

Berkshire Hathaway Chairman and CEO Warren Buffett is helping to fund the deal by committing $3 billion of preferred equity financing. The news release on the deal did not disclose the terms for Berkshire, which is only a financing source and will not have any participation in the management and operation of the business.

Under the deal, which has been approved by both boards, Tim Hortons shareholders will receive C$65.50 in cash and 0.8025 common shares of the new company for every Tim Hortons share. Based on Burger King’s closing stock price as of Friday, this represents a total value per Tim Hortons share of C$89.32. Based on Burger King’s closing stock price as of Monday, this represents total value per Tim Hortons share of C$94.05.