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Sysco (SYY) confirms it is to acquire Restaurant Depot for USD 29.1bln enterprise value; reaffirms FY26 guidance

Sysco's acquisition of Restaurant Depot for $29.1 billion marks a significant move in the food distribution sector, reflecting their strategy to leverage scale and realize substantial cost synergies of $250 million annually.

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Sysco (SYY) confirms it is to acquire Restaurant Depot for USD 29.1bln enterprise value; reaffirms FY26 guidance

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  • To fund cash portion with USD 21bln new debt and USD 1bln cash and equity
  • Pauses share repurchase program, to reduce net leverage by at least 1.0x in 24 months.
  • Combination expected to realise USD 250mln annualised net cost synergies within three years.
Context

The reliance on $21 billion in new debt raises questions about their leverage and financial health, especially as they pause their share repurchase program to manage this debt, which could affect sentiment among shareholders and analysts alike.

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