Sysco to acquire Jetro Restaurant Depot in $21.6 billion cash and stock deal
On March 30, 2026, Sysco agreed to acquire JRD Unico and Warehouse Realty, which operate as Jetro Restaurant Depot, for $21.6 billion in cash plus 91.5 million shares of a new holding company, HoldCo, which would replace Sysco as the public parent. The deal requires conditions such as expiration of the Hart-Scott-Rodino waiting period and can be terminated if not completed by September 30, 2027, and Sysco has a $22 billion bridge loan commitment to help fund the cash portion.
Key points
- Cash consideration of $21.6 billion, subject to customary adjustments, plus 91.5 million HoldCo shares
- Jetro Restaurant Depot equityholders expected to hold about 16% of HoldCo common stock
- Sysco would pay a $1.164 billion termination fee in certain cases if the deal fails on antitrust approval
- Financing plan: $21 billion of new debt and hybrid debt plus $1 billion of cash, equity or equity-linked securities, backed by a $22 billion bridge loan commitment
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.