# SYSCO CORP (SYY) — merger/definitive [pending]
Source: SEC API (secapi.ai) · situation sit_538a284aefb4e9c89b58 · retrieved 2026-08-11T16:14:36.007Z

## Overview
Sysco Corporation is the #1 food service distributor in the countries it operates, with leading positions in broadline, specialty (produce, protein, Italian and Asian products), and international markets; it operates a $370 billion total addressable market in the United States and has grown sales for 54 of the past 57 years and dividends for 56 consecutive years.

Sysco Corporation announced on March 30, 2026, the acquisition of Jetro Restaurant Depot (JRD), the leader in the cash-and-carry channel with $16 billion in revenue, $2.1 billion in EBITDA, and approximately $2 billion in free cash flow across 167 locations. The transaction is expected to close in approximately nine months (around Q3 2026), subject to regulatory approval; the government has requested additional information (a second request), which was anticipated. On day one of announcement, Sysco will be at 4.5x net leverage; over the next 24 months, the company will deleverage to 3.5x net leverage. The combined company will generate revenue growth of 20%, EBITDA growth of 45%, free cash flow growth of 55%, and operating margin expansion of 150 basis points. Sysco has identified approximately 125 net new store locations for expansion and expects to open five to six stores per year. The company has committed to $250 million in net cost synergies from procurement and credit card interchange fees, with zero headcount reductions. Beyond the 24-month deleverage period, the company expects to double free cash flow by year four and return value to shareholders through increased dividends, share repurchases, and growth M&A without additional financing.

## Terms
- Counterparty: Jetro Restaurant Depot

## Key dates
- Announced 2026-06-02 · Expected close 2026-09-30

## Timeline
- 2026-06-02 · 425 (0000950142-26-001593): 425 - SYSCO CORP — *Sysco Corporation is the #1 food service distributor in the countries it operates, with leading positions in broadline, specialty (produce, protein, Italian and Asian products), and international markets; it operates a $370 billion total addressable market in the United States and has grown sales for 54 of the past 57 years and dividends for 56 consecutive years.* Sysco Corporation announced on March 30, 2026, the acquisition of Jetro Restaurant Depot (JRD), the leader in the cash-and-carry channel with $16 billion in revenue, $2.1 billion in EBITDA, and approximately $2 billion in free cash flow across 167 locations. The transaction is expected to close in approximately nine months (around Q3 2026), subject to regulatory approval; the government has requested additional information (a second request), which was anticipated. On day one of announcement, Sysco will be at 4.5x net leverage; over the next 24 months, the company will deleverage to 3.5x net leverage. The combined company will generate revenue growth of 20%, EBITDA growth of 45%, free cash flow growth of 55%, and operating margin expansion of 150 basis points. Sysco has identified approximately 125 net new store locations for expansion and expects to open five to six stores per year. The company has committed to $250 million in net cost synergies from procurement and credit card interchange fees, with zero headcount reductions. Beyond the 24-month deleverage period, the company expects to double free cash flow by year four and return value to shareholders through increased dividends, share repurchases, and growth M&A without additional financing.
  https://www.sec.gov/Archives/edgar/data/96021/0000950142-26-001593.txt

## Citations
- 0000950142-26-001593 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000095014226001593