The joint venture that runs the Chinese locations of iconic Canadian coffee shop chain Tim Hortons China is nearing a deal to go public through a merger with blank-check company Silver Crest Acquisition Corporation (NasdaqCM:SLCR), people familiar with the matter said. A transaction could value the combined entity at about $1.8 billion and an announcement could come as early as this week, the people said, asking not to be identified because the matter is private. Co-founded by hockey player Tim Horton, who opened the first Tim's location in 1964, the coffee chain spread across Canada and became a national symbol, though it remained little-known elsewhere.

An $11 billion takeover in 2014 saw Tim's absorbed into newly-formed conglomerate Restaurant Brands International Inc. (NYSE:QSR), alongside quick-service brands Burger King and, since 2017, Popeyes Louisiana Kitchen. There are more than 4,900 restaurants globally under the Tim's brand, according to RBI's website. Tim Hortons China, a joint venture between private equity firm Cartesian Capital Group and a subsidiary of RBI, said in a statement in March that it had completed a funding round led by Sequoia Capital China and existing investor Tencent Holdings Ltd., and with participation from Eastern Bell Capital.

As with all deals that aren't finalized, it's possible terms change or that talks fall apart. Representatives for Silver Crest and Ascendent didn't respond to requests for comment. Spokespeople for Cartesian Capital and Restaurant Brands International didn't respond to requests for comment made outside normal business hours.