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Sysco close to asset sale to win antitrust nod for US Foods deal
Sysco Corp (SYY.N), the biggest U.S. food distributor, is in advanced talks to sell some assets to a food company owned by Blackstone Group (BX.N) in order to win regulatory approval for its acquisition of US Foods Inc [USFOO.UL], the New York Post reported, citing sources.
Once Sysco strikes a deal to divest some assets, the Federal Trade Commission is expected to clear the acquisition, which has been awaiting regulatory approval for nearly a year, the report said. (bit.ly/1F7tDRD)
Besides Blackstone-owned Performance Food, Sysco had been negotiating with two other regional players, Reinhart Foodservice and Gordon Food Service, to buy assets.
Sysco said in December 2013 that it would buy US Foods for about $3.5 billion from its private equity owners, including KKR & Co (KKR.N), merging the two biggest U.S. food distributors.
The company has since been trying to win antitrust approval and said earlier this month that it did not expect the deal to close this year.
Sysco and Performance Food were not immediately available for comment outside regular business hours. The FTC was also not available for comment.
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