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Technology Solutions Firm QXO Agrees to Buy Beacon Roofing Supply for $11B
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Key Points
- After initial efforts to purchase beacon roof supply supply, technology solutions company QXO and roof distributors reached an agreement.
- QXO will pay Beacon shareholders $124.35 per share, with a rating of about $11 billion.
- Last week, the two sides confirmed that the deal was being discussed, causing the beacon’s stock to soar.
After initially striving to purchase beacon roofing supply (BakerReject) Technology Solutions Company QXO (✔) and rooftop distributors reached an agreement.
Based in Greenwich, Connecticut, QXO will pay beacon shareholders $124.35 per share of $124.35, or approximately $11 billion in cash, which is the terms of the company Discussed last weekwhich caused a surge in stocks based in Herndon, Virginia.
The deal expected to end by the end of April comes after Beacon rejected QXO’s previous proposal.
“We expect the beacon to be the first of many acquisitions, which puts us towards the expected $50 billion revenue target,” a QXO spokesman said. Investopedia. “Beacon is a great company in a large and growing industry and we believe the same script we use in waste management, equipment leasing and transportation is fully applicable to the beacon business.”
QXO and Beacon shares rose 2.3% and 1.8%, respectively, about 30 minutes before Thursday’s opening.
Update – This article has updated the latest stock price information.
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