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.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。