Sysco Gets European Approval To Buy Brakes Group

Sysco Corporation SYY revealed Thursday that the European Commission has cleared its proposed acquisition of the Brakes Group unconditionally after a review under the European Union Merger Regulation.

Sysco CEO, Bill DeLaney, reacted to say, "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."

He continued, "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."

In February, Sysco disclosed it struck 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. According to the company, the transaction is worth about $3.1 billion or approximately £2.2 billion British pounds.

Shares of the company traded 0.29 percent up on Thursday.