Global corporate deals valued at $10 billion or more reached 22 transactions so far this year, a quarterly record. The total value of all deals so far this year jumped 29% year over year, but the overall number of transactions fell 17% due to slower smaller-deal activity.
Ten of the S&P 500’s 11 sectors were down 8.3% on average in March, with the energy sector being the lone exception.
Sysco, the biggest U.S. food distributor to restaurants, hospitals and schools, struck a deal to acquire family-owned Jetro Restaurant Depot for roughly $29 billion, including debt. Under the terms of the acquisition, Jetro Restaurant Depot shareholders will receive $21.6 billion in cash and 91.5 million Sysco shares. A total deal value of $29.1 billion, including debt, represents a multiple of over 14-times Restaurant Depot’s operating income.
Investors have yanked more than $11 billion out of private-credit funds during the past two quarters. Offsetting that, the funds have brought in $12.4 billion in new money in the past five months through February, though the rate is slowing.
KKR bought a majority stake in 2023 when CoolIT was valued at around $270 million. The firm is now set to make roughly 15 times the equity it invested. The transaction will represent one of the firm’s top returning investments over the past 20 years.
There are about 430,000 U.S. households worth $30 million or more. Within that, there are about 74,000 worth $100 million or more. Over the past few decades, the growth in the number of very rich households has surpassed general population growth.
Software debt accounts for around 30% of all private-credit loans outstanding, while bank-originated debts hover around 10%.
As many apparel tenants are shrinking their stores’ footprints, E-commerce sales accounted for 16.4% of total retail sales last year. This compares with about 8% in 2016.
Corporate landlords own 90.2% of New York City’s multifamily housing stock, while Individuals own the other 9.8%.
