Sysco to acquire Jetro Restaurant Depot for $29.1 billion, pauses share buybacks
Sysco agreed to acquire Jetro Restaurant Depot in a deal with a total enterprise value of approximately $29.1 billion, paid with $21.6 billion in cash and 91.5 million Sysco shares. To fund the cash portion, Sysco plans $21 billion of new debt and hybrid debt and $1 billion from cash on hand, equity or equity-linked securities, and it has paused its share repurchase program to reduce leverage. Sysco also reaffirmed its fiscal 2026 guidance, which matters to shareholders because the deal adds significant debt and dilution while the company keeps its outlook unchanged.
Key points
- Total enterprise value is approximately $29.1 billion, or 14.6x Jetro Restaurant Depot's operating income, based on calendar 2025 figures.
- Sysco will issue about 19.1% of its outstanding shares to Jetro Restaurant Depot shareholders, who are expected to own about 16% of the combined common stock.
- Sysco plans to reduce net leverage by at least 1.0x within 24 months after closing and expects the deal to close by the third quarter of fiscal 2027.
- Sysco reaffirmed fiscal 2026 sales growth of 3% to 5% and adjusted EPS at the high end of $4.50 to $4.60, and expects to release third quarter results on April 28, 2026.
The filing
Written by AI on Nov 8, 2026, 1:30 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on March 30, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.