Sysco Receives European Commission Clearance to Acquire Brakes Group
June 09 2016 - 8:32AM
Sysco Corporation (NYSE:SYY) today announced that the European
Commission has unconditionally cleared its proposed acquisition of
the Brakes Group following a review under the European Union Merger
Regulation.
“We are pleased with the European Commission’s conclusion that
the Brakes acquisition raises no competitive concerns in European
markets and we look forward to closing the transaction in early
July,” said Sysco chief executive officer Bill DeLaney. “We are
very excited about the opportunity to welcome the Brakes Group into
the Sysco family of companies and create a new platform for
international growth.”
Sysco announced in February that it had reached a definitive
agreement to acquire the Brakes Group, a leading European
foodservice distributor with operations in the United Kingdom,
France, Sweden, Ireland, Spain, Belgium and Luxembourg, from Bain
Capital Private Equity. The transaction is valued at approximately
$3.1 billion USD or approximately £2.2 billion British pounds.
About SyscoSysco is the global
leader in selling, marketing and distributing food products to
restaurants, healthcare and educational facilities, lodging
establishments and other customers who prepare meals away from
home. Its family of products also includes equipment and supplies
for the foodservice and hospitality industries. The company
operates 194 distribution facilities serving approximately 425,000
customers. For fiscal year 2015 that ended June 27, 2015, the
company generated sales of more than $48 billion. For more
information, visit www.sysco.com or connect with Sysco on
Facebook at www.facebook.com/SyscoCorporation or Twitter
at https://twitter.com/Sysco. For important news and information
regarding Sysco, visit the Investor Relations section of the
company’s Internet home page at www.investors.sysco.com, which
Sysco plans to use as a primary channel for publishing key
information to its investors, some of which may contain material
and previously non-public information. Investors should also follow
us at www.twitter.com/SyscoStock and download the Sysco IR
App, available on the iTunes App Store and the Google Play Market.
In addition, investors should continue to review our news releases
and filings with the Securities and Exchange Commission. It is
possible that the information we disclose through any of these
channels of distribution could be deemed to be material
information.
For more information:
Neil Russell
Investor Contact
T: 281-584-1308
Nehl Horton
Media Contact
T: 281-899-4759
Sysco (NYSE:SYY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sysco (NYSE:SYY)
Historical Stock Chart
From Apr 2023 to Apr 2024