Sysco to Acquire Jetro Restaurant Depot in $29 Billion Deal

Paul, Weiss is advising Sysco, the world’s largest food-away-from-home distributor, on its acquisition of Jetro Restaurant Depot, the nation’s premier cash & carry food wholesaler, marking Sysco’s entry into the cash & carry channel. Under the terms of the agreement, Jetro Restaurant Depot shareholders will receive $21.6 billion in cash proceeds and 91.5 million Sysco shares, representing a total enterprise value of approximately $29.1 billion.

Upon closing of the transaction, expected by the third quarter of fiscal year 2027, subject to customary closing conditions, Jetro Restaurant Depot will operate as a standalone business segment within Sysco.

The Paul, Weiss team is led by corporate partners James Langston and Andrew Krause, and includes partners Matthew Leist, Christodoulos Kaoutzanis, John Kennedy, Manuel Frey, Caroline Epstein, Carmen Lu, Eric Wedel and Patricia Vaz de Almeida and counsel Lyudmila Bondarenko; executive compensation partners Christopher Gonnella and Matthew Friestedt; litigation partners Liza Velazquez and Daniel Gerkin and counsel Audrey Paquet; tax partner Brian Krause; real estate partner Matthew Dulak; Brianna van Kan; and environmental partner Stefanie Gitler and counsel William O’Brien.