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Latest SPAC News: Tim Hortons China to Create Data Unit Amid Xi’s Crackdown
Xi’s Data Clampdown Spurs Novel Solution From Tim Hortons China
The company running the Chinese business of Canadian coffee shop chain Tim Hortons is proposing a novel solution to address Beijing’s data security concerns as it seeks to go public in the U.S. through a SPAC, according to Bloomberg.
Tim Hortons China said that as part of its merger with Silver Crest Acquisition Corp. (NASDAQ:SLCR) it will create an independent entity incorporated in China, which will have the “sole purpose” of safeguarding and protecting customer data.
Tim Hortons China will not own any equity in the entity, called NewCo in the filing, which will provide its services back to the parent at cost.