QXO Inc. (NYSE: QXO), Greenwich, Conn., has entered into purchase agreements with institutional investors for an $830 million private placement financing.
Don’t miss any content from Distribution Strategy Group. Join our list.
The completion of this financing is contingent on the acquisition of Beacon Roofing Supply Inc. (Nasdaq: BECN) through an all-cash tender offer.
Private placements of this kind are usually used to raise capital quickly. In this case, the funds would likely be used in the purchase of Beacon. QXO recently extended its offer again to buy Beacon to March 18.
QXO is selling about 67.5 million shares of its common stock at $12.30 a share. The offer and sale are not a public offering.
