By Connor Hart
Shares of QXO fell after the company disclosed an offering for $500 million of shares of its common stock.
The stock fell 7.1%, to $13.25, in after-hours trading. Through Wednesday's close, shares have lost nearly 90% of their value in the past year.
The building-products distributor said it intends to use proceeds from the sale to finance a portion of its pending acquisition of Beacon Roofing Supply. However, it added the offering isn't contingent upon the acquisition.
QXO signed a deal for Beacon last month following months of trying to clinch an agreement, executives told The Wall Street Journal. Under the deal, the company has agreed to pay $124.35 a share for the roofing- and building-products distributor, valuing Beacon at roughly $7.7 billion, or $11 billion including debt.
In addition to its $500 million offering, QXO said it intends to grant the offering's underwriters an option to purchase up to an additional $75 million of shares of common stock. Morgan Stanley and Goldman Sachs are the underwriters for the sale.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
April 16, 2025 19:09 ET (23:09 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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