CT company completes contentious $11B acquisition
QXO
Brad Jacobs, chairman and CEO of QXO.
Greenwich-based QXO Inc., a publicly traded company in the building products distribution industry, has finalized its acquisition of Beacon Roofing Supply for $11 billion in cash.
QXO announced Tuesday that it will acquire Beacon for $124.35 per share, slightly more than its prior offer of $124.25 per share, which Beacon’s board rejected.
The acquisition makes QXO the largest publicly traded distributor of roofing, waterproofing and complementary building products in the United States, according to the announcement.
QXO is scheduled to ring the opening bell at the New York Stock Exchange on Wednesday to mark the purchase.
QXO was created in December 2023 by well-known entrepreneur and founder of Greenwich-based XPO Logistics Brad Jacobs.
“Acquiring Beacon is a major step forward in our strategy to make QXO the leading tech-enabled company in the $800 billion building products distribution industry,” said Jacobs, who is chairman and CEO of QXO. “We’re excited to welcome Beacon’s talented team and, together, apply our proven playbook to accelerate growth, expand margins and create an unmatched customer experience.”
As a wholly owned subsidiary of QXO, Beacon’s shares ceased trading on the Nasdaq before Tuesday’s opening.
Along with the acquisition, QXO said it also closed its previously announced $830 million equity private placement.
Jacobs, one of Connecticut’s wealthiest residents, has an estimated net worth of $12.5 billion, according to Forbes.
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