Sysco Corp. agreed to acquire closely held US Foods for $3.5 billion.
December 6/New York/Bloomberg -- Sysco Corp. agreed to acquire closely held US Foods for $3.5 billion, adding brands from Cattleman’s meat to Devonshire desserts, in the largest food-distribution deal in eight years in North America. Sysco will pay $3 billion in common stock and $500 million in cash for US Foods, the companies said in a statement.
The deal bolsters Sysco’s position as North America’s largest distributor of food to restaurants, expanding its geographical reach and creating supply chain cost savings. The combined business, with about $65 billion in annual sales, will be led by Sysco chief executive officer Bill DeLaney.