Sysco Announces $29.1B Jetro Acquisition

Sysco Corporation, the nation's largest food distributor, announced on Monday a $29.1 billion agreement to acquire Jetro Restaurant Depot, a family-owned cash-and-carry wholesaler targeting independent restaurants and small food businesses. The Houston-based company, which supplies chains such as KFC and Subway, aims to expand into the warehouse-style segment through the deal, which has been approved by both boards but awaits regulatory clearance.

Under the terms, Jetro shareholders will receive $21.6 billion in cash and 91.5 million shares of Sysco stock, representing about a 16 percent stake in the combined entity. Based on Sysco's share price of $81.80 at the close on March 27, 2026, the transaction carries an enterprise value of approximately $29.1 billion. Sysco plans to finance the cash portion primarily with $21 billion in new and hybrid debt, supplemented by $1 billion from existing cash and equity. The company will pause its share repurchase program while maintaining its quarterly dividend.

Jetro, founded in 1976 in Brooklyn and now headquartered in Whitestone, New York, operates 166 large-format warehouse stores across 35 states. It serves more than 725,000 independent...