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Sysco to buy US Foods for $3.5 billion

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Two of the largest food distributors in the country are looking to join forces. Sysco announced on Monday plans to buy rival US Foods for $3.5 billion dollars. Three billion of that will be in stocks, 500 million in cash.

According to a statement from Sysco, as part of the deal the company will assume or refinance about 4.7 billion dollars of US Foods’ debt.

Sysco’s stock soared after the planned merger was announced.