Sysco Strikes $29 Billion Restaurant Depot Deal

HOUSTON — Sysco said it will acquire Jetro Restaurant Depot in a transaction valued at about $29.1 billion, a major consolidation move in U.S. food distribution that expands Sysco deeper into cash-and-carry wholesale for independent restaurants, according to Reuters, Associated Press, Sysco, BNN Bloomberg, The Economic Times, and Newsday. Each of the bullet points immediately below have been confirmed by at least four of the six respected sources we curated on this story.

• The acquisition is structured at approximately $29.1 billion in enterprise value and would pair the nation’s largest broadline distributor with the largest U.S. cash-and-carry wholesaler.
• Restaurant Depot shareholders are set to receive $21.6 billion in cash plus 91.5 million Sysco shares under the announced terms.
• The combined company is positioning the deal as a scale play aimed at serving price-sensitive independent restaurants through both delivery and warehouse-based purchasing channels.
• The transaction has board approval from both companies but still requires regulatory clearance before closing.
• Sysco has said it expects the transaction to close by the third quarter of its fiscal 2027, if approvals and customary conditions are met.
• Sysco shares fell sharply after the announcement as investors weighed the size of the financing package and the debt needed to fund the cash portion of the transaction.

Additional Details Reported

Sysco’s investor announcement said Jetro Restaurant Depot currently operates 166 warehouse stores across 35 states and that Sysco sees a long runway to open more than 125 additional warehouse locations over the next two decades.

Newsday reported that some independent restaurant groups are urging antitrust scrutiny, while Reuters said Sysco is pausing share repurchases and plans rapid deleveraging after financing the deal with new debt and hybrid debt instruments.

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