Sysco Corporation announced a definitive agreement to acquire Jetro Restaurant Depot for approximately $29.1 billion, a transaction expected to be immediately accretive to earnings and expand its presence into the high-margin Cash & Carry channel.
Key takeaways
Sysco will acquire Jetro Restaurant Depot for a total enterprise value of approximately $29.1 billion, comprising $21.6 billion in cash and 91.5 million Sysco shares.
The combined company generated 2025 annual net revenues of nearly $100 billion, increasing Sysco's revenue by approximately 20%, EBITDA by approximately 45%, and free cash flow by approximately 55%.
Sysco expects the transaction to be mid to high single-digit accretive to earnings per share in the first year following close, and low to mid-teens accretive in the second year.
Sysco reaffirmed its full year 2026 guidance for sales growth of 3% to 5% and adjusted EPS at the high end of $4.50 to $4.60.
The transaction is expected to close by the third quarter of Sysco's fiscal 2027, subject to customary closing conditions including regulatory approvals.
Sysco plans to fund the cash portion with $21 billion of new debt and hybrid debt and $1 billion of cash on hand, equity, or equity-linked securities.