Sysco nearing deal to buy Restaurant Depot for $29B, WSJ reports

Sysco (SYY) is close to a deal to buy Restaurant Depot for about $29B, including debt, The Wall Street Journal’s Lauren Thomas reports. According to people familiar with the matter, the deal will be unveiled later on Monday, and Restaurant Depot shareholders will receive $21.6B in cash and 91.5M Sysco shares. Sysco, which plans to pause its share repurchase program, is expected to fund the cash portion of the Restaurant Depot deal with $21B of new and hybrid debt, along with $1B of cash and equity on hand.