HOUSTON, June 09, 2016 (GLOBE NEWSWIRE) -- 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.
Sysco 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