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Benzinga
  • 14 hours ago
Sysco agreed to acquire Jetro Restaurant Depot for $29B including debt, funding the deal with $21B in new debt and $1B in cash and equity. Jetro's cash-and-carry wholesale model complements Sysco's delivery network, with the deal expected to be accretive in the mid-to-high single digits in year one.
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00:00It's Benzinga bringing Wall Street to Main Street
00:02Cisco said Monday it will acquire Jetro Restaurant Depot in a $29 billion deal including debt
00:08to expand its reach among price-conscious independent restaurants, according to Reuters.
00:13Cisco's shares fell nearly 5% in pre-market trading after it said it will fund the deal
00:17with $21 billion in new and hybrid debt and $1 billion of cash and equity.
00:24Jetro operates a wholesale cash-and-carry model that complements Cisco's delivery network.
00:29Jetro shareholders will receive $21.6 billion in cash and 91.5 million Cisco shares
00:36and will own 16% of the combined company.
00:40Cisco paused share repurchases and reaffirmed its annual forecast.
00:44The company expects the deal to add to earnings per share in the mid
00:47to high single digits in the first year after closing in fiscal Q3, 2027.
00:53For all things money, visit Benzinga.com.
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