Tims China’s $1.8 Billion Business Combination with Silver Crest

Kirkland & Ellis advised TH International Limited (Tims China) on the deal while Morrison & Foerster represented Silver Crest Acquisition Corporation.

TH International Limited (Tims China), the master franchisee and operator of Tim Hortons coffee shops in China, executed its business combination with Silver Crest Acquisition Corporation (NASDAQ: SLCR), a publicly-traded special purpose acquisition company. The transaction values the combined business at approximately $1.8 billion.

Upon closing of the transaction, Tims China will be listed on the Nasdaq Stock Market under the symbol “TIMS”. The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2021.

The Kirkland team was led by transactional partners Daniel Dusek (Picture), Joseph Raymond Casey, Armand Della Monica and Ram Narayan and capital markets partner Steve Lin, with assistance from transactional partner David Zhang, registered foreign lawyer Min Lu and associates Jiayi Wang, Nick Appleton and Steven Hunter, capital markets partner Christine Strumpen-Darrie and associates Olivia Wang and Elise Wang, executive compensation partner Michael Krasnovsky and associates Joe Denker and Jake Alexander Ebers, tax partners Mike Carew and Christine Lehman and associate Courtney Loyack, technology & IP transactions partners Min Wang and Jeffery Norman and associate Seth Pritchard, and employment and labor partners Richard Kidd and Christine Lacku and associate Alexis Grinstead.

The MoFo deal team advising Silver Crest on the transaction was led by Hong Kong partner and global chair of the firm’s Private Equity Group Marcia Ellis, Shanghai corporate partner Ruomu Li, and New York corporate partner Omar Pringle, together with New York corporate partner and co-chair of the firm’s Global Corporate Department Mitchell Presser, New York corporate partner John Owen and associate Joseph Sulzbach, Hong Kong tax partner Matthew Lau, Shanghai technology transactions partner Chuan Sun, and San Francisco executive compensation partner Amanda Hines-Gold.

Involved fees earner: Nick Appleton – Kirkland & Ellis; Mike Carew – Kirkland & Ellis; Joseph Casey – Kirkland & Ellis; Armand Della Monica – Kirkland & Ellis; Joe Denker – Kirkland & Ellis; Daniel Dusek – Kirkland & Ellis; Jake Ebers – Kirkland & Ellis; Alexis Grinstead – Kirkland & Ellis; Steven Hunter – Kirkland & Ellis; Richard Kidd – Kirkland & Ellis; Michael Krasnovsky – Kirkland & Ellis; Christine Lacku – Kirkland & Ellis; Christine Lehman – Kirkland & Ellis; Steve Lin – Kirkland & Ellis; Courtney Loyack – Kirkland & Ellis; Min Lu – Kirkland & Ellis; Ram Narayan – Kirkland & Ellis; Jeffery Norman – Kirkland & Ellis; Seth Pritchard – Kirkland & Ellis; Christine Strumpen-Darrie – Kirkland & Ellis; Olivia Wang – Kirkland & Ellis; Elise Wang – Kirkland & Ellis; Jiayi Wang – Kirkland & Ellis; Min Wang – Kirkland & Ellis; David Zhang – Kirkland & Ellis; Marcia Ellis – Morrison & Foerster; Amanda Hines Gold – Morrison & Foerster; Matthew Lau – Morrison & Foerster; Ruomu Li – Morrison & Foerster; John Owen – Morrison & Foerster; Mitchell Presser – Morrison & Foerster; Omar Pringle – Morrison & Foerster; Joseph Sulzbach – Morrison & Foerster; Chuan Sun – Morrison & Foerster;

Law Firms: Kirkland & Ellis; Morrison & Foerster;

Clients: Silver Crest Acquisition Corporation; TH International Limited (Tims China);

Sonia Carcano

Author: Sonia Carcano