Burger King is in talks to buy Tim Hortons Inc. and form a new publicly listed company that would be based in Canada.

The company said in a statement Sunday night that Canada would be the largest market of the combined company.

TIMHORTONS

Burger King is in talks to buy Tim Hortons Inc. and form a new publicly listed company that would be based in Canada. (Brendan McDermid/Reuters)

The statement said 3G Capital, the majority owner of Burger King, would continue to own the majority of the shares of the new company on a pro forma basis, with the remainder held by existing shareholders of Tim Hortons and Burger King.

The companies say Ontario-based Tim Hortons and Miami-based Burger King would operate as standalone brands.

The statement adds that the new corporation would be the world's third-largest quick service restaurant company, with approximately $22 billion in system sales and more than 18,000 restaurants in 100 countries worldwide.

The companies say they will not comment further unless there is a deal.