QXO, Inc. (NYSE: QXO) has successfully completed the acquisition of Beacon Roofing Supply, Inc. for $124.35 per share, amounting to a transaction valued at approximately $11 billion. This acquisition has solidified QXO's position as the largest publicly traded distributor of roofing, waterproofing, and complementary building products in the United States.
The tender offer for all outstanding shares of Beacon common stock saw 44,835,447 shares validly tendered and not withdrawn, representing about 72.06% of the issued and outstanding shares. Following the completion of the tender offer, QXO acquired the remaining outstanding Beacon shares through a second-step merger. As a result, Beacon is now a wholly owned subsidiary of QXO, and its shares have ceased trading on the Nasdaq Global Select Market.
In conjunction with the acquisition's completion, QXO closed an $830 million equity private placement.
QXO's financial advisor for the acquisition was Morgan Stanley, with additional advice provided by Goldman Sachs, Citi, Centerview, Credit Agricole, Wells Fargo, and Mizuho. Legal counsel for QXO was provided by Paul, Weiss, and Wachtell Lipton.
This acquisition represents a significant move in QXO's strategy to become the tech-enabled leader in the $800 billion building products distribution industry and to generate substantial value for shareholders. QXO aims to achieve $50 billion in annual revenues within the next decade through both accretive acquisitions and organic growth. Today the company's shares have moved -1.4% to a price of $13.23. For the full picture, make sure to review QXO's 8-K report.
