Bill DeLaney, Sysco president and CEO, will lead the combined company, which will continue to be named Sysco and headquartered in Houston, Texas.
At closing, Sysco will have estimated annual sales of approximately $65bn.
Sysco will pay approximately $3.5bn for the equity of US Foods, comprising $3bn of Sysco common stock and $500m of cash. As part of the transaction, Sysco will also assume or refinance US Foods’ net debt, which is currently approximately $4.7bn, bringing the total enterprise value to $8.2bn.
Source: Sysco
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