Sysco announces $1bn stock sale to fund Jetro acquisition

Sysco Corporation has announced plans to offer $1 billion in common stock to help finance its acquisition of Jetro, the parent company of Restaurant Depot. The deal, valued at approximately $29 billion including debt, was originally agreed upon in March. The terms of the acquisition involve Restaurant Depot shareholders receiving $21.6 billion in cash and 91.5 million Sysco shares.

The stock offering is not contingent on the closing of the Jetro acquisition. Underwriters have a 30-day option to purchase an additional $150 million in shares to cover over-allotments. Goldman Sachs and TD Securities are serving as lead book-running managers, with Bank of America, J.P. Morgan, and Wells Fargo also acting as book-runners.

This capital raise follows a period of softening quarterly profitability for Sysco. SEC filings show that diluted earnings per share declined from $0.99 in the first quarter of fiscal 2026 to $0.71 by the third quarter, while net income also saw a downward trend over the same period.