Sysco is seeking to raise $1 billion through the issuance of equity or equity-linked securities to partially finance its acquisition of Jetro Restaurant Depot. This $1 billion will supplement the $21 billion in new debt and hybrid debt Sysco plans to secure for the cash portion of the deal. The total purchase price for Jetro Restaurant Depot is approximately $29.1 billion, consisting of $21.6 billion in cash and 91.5 million shares of Sysco stock, which will result in Jetro shareholders owning about 16% of Sysco.
Sysco has been actively securing financing for this transformative acquisition. In March 2026, Sysco announced a commitment letter for a $22 billion senior unsecured 364-day bridge loan facility with Goldman Sachs and TD Securities. This was followed by a $3 billion term loan credit agreement in April 2026 with Bank of America. More recently, in September 2026, Sysco added a $750 million senior unsecured delayed draw term loan facility with CoBank, ACB, which includes two tranches of $375 million each, maturing in six and eight years respectively.
The acquisition is anticipated to close by the third quarter of Sysco's fiscal year 2027, pending regulatory approvals. Sysco expects the transaction to be immediately accretive to earnings per share, with mid to high single-digit accretion in the first year and low to mid-teens accretion in the second year. The company projects approximately $250 million in annualized net cost synergies within three years, primarily from procurement savings and supply chain optimization. The deal is valued at an acquisition multiple of approximately 14.6x Jetro Restaurant Depot’s operating income, or 13.0x including expected synergies.
To ensure leadership continuity through the integration process, Sysco's Board approved one-time performance share unit awards. CEO Kevin P. Hourican received an award valued at $2 million, and Interim CFO Brandon E. Sewell received an award valued at $1 million. These PSUs are contingent on the successful closing of the acquisition.
