Latham & Watkins Advises on Sysco’s US$29.1 Billion Acquisition of Jetro Restaurant Depot

Sysco (NYSE: SYY) and Jetro Restaurant Depot, the nation’s premier Cash & Carry food wholesaler, announced that they have entered into a definitive agreement under which Sysco will acquire Jetro Restaurant Depot in a transformative transaction that allows Sysco to enter the high‑margin, growing, and resilient Cash & Carry channel. Under the terms of the agreement, Jetro Restaurant Depot shareholders will receive US$21.6 billion in cash proceeds and 91.5 million Sysco shares. Based on Sysco’s closing share price of US$81.80 as of March 27, 2026, this represents a total enterprise value of approximately US$29.1 billion, or 14.6x Jetro Restaurant Depot’s operating income. The transaction has been unanimously approved by the Board of Directors of Sysco and the Board of Directors of Jetro Restaurant Depot. The transaction is expected to close by the third quarter of Sysco’s fiscal 2027, subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals.

Latham & Watkins represents Leonard Green & Partners, L.P. in the transaction with a corporate deal team led by New York partners Paul Kukish and Michael Vardanian.