Food distributor Sysco Corp said it would purchase rival US Foods for about $3.5 billion and assume about $4.7 billion in debt to create a company with about $65 billion in annual revenue. After the transaction closes, US Foods' shareholders will own about 13 percent of Sysco.
Sysco Corporation (Sysco), along with its subsidiaries and divisions, is a North American distributor of food and related products primarily to the foodservice or food-away-from-home industry. Shares of SYY remained unchanged at $34.31. In the past year, the shares have traded as low as $30.55 and as high as $36.05. On average, 3723800 shares of SYY exchange hands on a given day and today's volume is recorded at 420146.
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