Sysco divestment to Performance rises to $5 billion to close US Foods deal
SEAFOODNEWS.COM [NY Post] By Josh Kosman - December 12, 2014 -
Sysco is poised to complete the $8.2 billion merger with its closest rival, US Foods, but at a much stiffer price than expected, The Post has learned.
America’s biggest food-service provider, Sysco is selling assets worth $5 billion to Performance Food Group (owned by Steve Schwarzman-led Blackstone Group) to win regulatory approval, two sources said. That is equal to roughly one-quarter of US Foods’ revenue.
Sysco, in the December 2013 merger agreement, had agreed to sell assets with $2 billion of revenue.
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