QXO Raises $830 Million in Private Placement
QXO (NYSE: QXO) has secured an $830 million private placement financing through the sale of approximately 67.5 million shares of common stock at $12.30 per share to institutional investors. The closing of this private placement is contingent upon completing QXO's pending all-cash tender offer to acquire Beacon Roofing Supply (Nasdaq: BECN).
The transaction is structured as a non-public offering, with the securities not registered under the Securities Act of 1933. QXO has committed to file a prospectus supplement with the SEC to register the resale of the common stock promptly after closing.
QXO (NYSE: QXO) ha ottenuto un finanziamento privato di 830 milioni di dollari attraverso la vendita di circa 67,5 milioni di azioni ordinarie a 12,30 dollari per azione a investitori istituzionali. La chiusura di questo collocamento privato è subordinata al completamento dell'offerta pubblica di acquisto in contante di QXO per acquisire Beacon Roofing Supply (Nasdaq: BECN).
La transazione è strutturata come un'offerta non pubblica, con i titoli non registrati ai sensi del Securities Act del 1933. QXO si è impegnata a presentare un supplemento al prospetto presso la SEC per registrare la rivendita delle azioni ordinarie subito dopo la chiusura.
QXO (NYSE: QXO) ha asegurado un financiamiento privado de 830 millones de dólares mediante la venta de aproximadamente 67,5 millones de acciones ordinarias a 12,30 dólares por acción a inversores institucionales. El cierre de esta colocación privada está condicionado a completar la oferta pública de adquisición en efectivo pendiente de QXO para adquirir Beacon Roofing Supply (Nasdaq: BECN).
La transacción está estructurada como una oferta no pública, con los valores no registrados bajo la Ley de Valores de 1933. QXO se ha comprometido a presentar un suplemento de prospecto a la SEC para registrar la reventa de las acciones ordinarias inmediatamente después del cierre.
QXO (NYSE: QXO)는 약 6750만 주의 보통주를 주당 12.30달러에 기관 투자자들에게 판매하여 8억 3000만 달러의 사모펀드 자금 조달을 확보했습니다. 이 사모펀드의 마감은 QXO의 Beacon Roofing Supply (Nasdaq: BECN) 인수를 위한 현금 전액 제안이 완료되는 것에 달려 있습니다.
이 거래는 비공식 공개로 구조화되어 있으며, 증권은 1933년 증권법에 따라 등록되지 않았습니다. QXO는 마감 후 즉시 보통주의 재판매를 등록하기 위해 SEC에 보충 설명서를 제출할 것을 약속했습니다.
QXO (NYSE: QXO) a sécurisé un financement par placement privé de 830 millions de dollars grâce à la vente d'environ 67,5 millions d'actions ordinaires à 12,30 dollars par action à des investisseurs institutionnels. La clôture de ce placement privé est conditionnée à la réalisation de l'offre publique d'achat en espèces en attente de QXO pour acquérir Beacon Roofing Supply (Nasdaq: BECN).
La transaction est structurée comme une offre non publique, les titres n'étant pas enregistrés en vertu de la loi de 1933 sur les valeurs mobilières. QXO s'est engagé à déposer rapidement un supplément de prospectus auprès de la SEC pour enregistrer la revente des actions ordinaires immédiatement après la clôture.
QXO (NYSE: QXO) hat eine Private Placement-Finanzierung in Höhe von 830 Millionen Dollar durch den Verkauf von etwa 67,5 Millionen Stammaktien zu einem Preis von 12,30 Dollar pro Aktie an institutionelle Investoren gesichert. Der Abschluss dieser Privatplatzierung ist davon abhängig, dass das ausstehende Barangebot von QXO zur Übernahme von Beacon Roofing Supply (Nasdaq: BECN) abgeschlossen wird.
Die Transaktion ist als nicht öffentliche Platzierung strukturiert, wobei die Wertpapiere nicht gemäß dem Securities Act von 1933 registriert sind. QXO hat sich verpflichtet, umgehend nach dem Abschluss einen Prospektnachtrag bei der SEC einzureichen, um den Wiederverkauf der Stammaktien zu registrieren.
- Secured substantial $830 million in private placement financing
- Strong investor confidence demonstrated by participation of both existing and new institutional investors
- Significant shareholder dilution with issuance of 67.5 million new shares
- Transaction contingent on successful completion of Beacon Roofing Supply acquisition
- Securities not immediately tradeable due to registration requirements
Insights
QXO's
The issuance of 67.5 million new shares will increase QXO's outstanding share count by approximately
Notably, the financing is contingent upon completing the Beacon acquisition, creating an all-or-nothing scenario for investors participating in the placement. The disclosure about "substantial indebtedness" suggests QXO will use a combination of this equity financing plus significant debt to fund the all-cash tender offer, which could materially alter the company's capital structure and financial risk profile.
The transaction structure - combining private placement with a tender offer rather than a traditional negotiated merger - plus the ongoing proxy contest for Beacon's board seats, points to a potentially hostile acquisition approach. This increases execution risk but may allow QXO to avoid paying a substantial control premium that would typically come with board endorsement.
For investors, this transaction represents a significant strategic pivot that will fundamentally transform QXO's scale and competitive positioning in the building materials sector, though with increased financial leverage and integration risks.
QXO is pursuing a multi-pronged approach to acquire Beacon Roofing Supply, employing both financial and governance tactics. This
The company's simultaneous pursuit of a tender offer and proxy contest indicates a classic hostile takeover strategy. The tender offer goes directly to Beacon shareholders, bypassing a potentially resistant board, while the proxy contest aims to replace board members with QXO-friendly directors who would support the acquisition.
Structuring the private placement as contingent upon the tender offer's success is a prudent risk mitigation strategy, ensuring QXO doesn't raise capital unnecessarily if the acquisition fails. The participation of both existing and new investors suggests broad-based support for management's acquisition strategy.
The detailed forward-looking statements and legal disclosures indicate awareness of the regulatory scrutiny this transaction will face. QXO has already filed Schedule TO with the SEC, and Beacon has responded with its 14D-9, formalizing the contested nature of this transaction.
Notably absent are details about the tender offer price for Beacon shares or potential synergies, making it difficult to assess whether QXO is offering fair value. The multiple SEC filings and engagement of specialized firms like Innisfree M&A suggests QXO anticipates a protracted battle rather than quick capitulation from Beacon.
If successful, this transaction would significantly consolidate the building materials distribution sector, potentially yielding economies of scale and expanded geographic footprint for the combined entity.
In the Private Placement, QXO will sell approximately 67.5 million shares of its common stock at
The offer and sale of the foregoing securities are being made in a transaction not involving a public offering and the securities have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be reoffered or resold in
This press release is issued pursuant to Rule 135c under the Securities Act and does not constitute an offer to sell or a solicitation of an offer to buy any securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
Forward-Looking Statements
This communication contains forward-looking statements. Statements that are not historical facts, including statements about beliefs, expectations, targets, goals, regulatory approval timing and nominating directors are forward-looking statements. These statements are based on plans, estimates, expectations and/or goals at the time the statements are made, and readers should not place undue reliance on them. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as “may,” “will,” “should,” “expect,” “opportunity,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “target,” “goal,” or “continue,” or the negative of these terms or other comparable terms. Forward-looking statements involve inherent risks and uncertainties and readers are cautioned that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statements. Such factors include but are not limited to: the ultimate outcome of any possible transaction between QXO, and Beacon Roofing Supply, Inc. (“Beacon”), including the possibility that the parties will not agree to pursue a business combination transaction or that the terms of any definitive agreement will be materially different from those proposed; the ultimate result of QXO’s proxy contest for election of directors to Beacon’s Board of Directors; actions taken by Beacon or QXO in connection with QXO’s offer to acquire Beacon or the possible transaction; the effects of QXO’s offer and the possible transaction on Beacon’s businesses; QXO’s ability to consummate the proposed transaction with Beacon; the conditions to the completion of the proposed transaction; QXO’s ability to finance the proposed transaction; the substantial indebtedness QXO expects to incur in connection with the proposed transaction and the need to generate sufficient cash flows to service and repay such debt; that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the proposed transaction or the public announcement of the proposed transaction; QXO’s ability to retain certain key employees; and general economic conditions that are less favorable than expected. QXO cautions that forward-looking statements should not be relied on as predictions of future events, and these statements are not guarantees of performance or results. Forward-looking statements herein speak only as of the date each statement is made. QXO does not assume any obligation to update any of these statements in light of new information or future events, except to the extent required by applicable law.
Important Additional Information and Where to Find It
This communication is for informational purposes only and does not constitute a recommendation, an offer to purchase or a solicitation of an offer to sell Beacon securities. QXO and Queen MergerCo, Inc. (the “Purchaser”) filed a Tender Offer Statement on Schedule TO with the Securities and Exchange Commission (the “SEC”) on January 27, 2025, and Beacon filed a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer with the SEC on February 6, 2025. Investors and security holders are urged to carefully read the Tender Offer Statement (including the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as each may be amended or supplemented from time to time) and the Solicitation/Recommendation Statement as these materials contain important information that investors and security holders should consider before making any decision regarding tendering their common stock, including the terms and conditions of the tender offer. The Tender Offer Statement, Offer to Purchase, Solicitation/Recommendation Statement and related materials are filed with the SEC, and investors and security holders may obtain a free copy of these materials and other documents filed by QXO and Beacon with the SEC at the website maintained by the SEC at www.sec.gov. In addition, the Tender Offer Statement and other documents that QXO and the Purchaser file with the SEC will be made available to all investors and security holders of Beacon free of charge from the information agent for the tender offer: Innisfree M&A Incorporated, 501 Madison Avenue, 20th Floor,
QXO and the other participants intend to file a preliminary proxy statement and accompanying WHITE universal proxy card with the SEC to be used to solicit proxies for, among other matters, the election of its slate of director nominees at the 2025 Annual Meeting of stockholders of Beacon. QXO strongly advises all stockholders of Beacon to read the preliminary proxy statement, any amendments or supplements to such proxy statement, and other proxy materials filed by QXO with the SEC as they become available because they will contain important information. Such proxy materials will be available at no charge on the SEC’s website at www.sec.gov and at QXO’s website at investors.qxo.com. In addition, the participants in this proxy solicitation will provide copies of the proxy statement, and other relevant documents, without charge, when available, upon request. Requests for copies should be directed to the participants’ proxy solicitor.
Certain Information Concerning the Participants
The participants in the proxy solicitation are anticipated to be QXO, Brad Jacobs, Ihsan Essaid, Matt Fassler, Mark Manduca, Sheree Bargabos, Paul Camuti, Karel Czanderna, Jonathan Foster, Mauro Gregorio, Michael Lenz, Teresa May, Stephen Newlin, Joseph Reitmeier and Wendy Whiteash. As of the date of this communication, QXO owns 100 shares of common stock of Beacon in record name and Ms. Czanderna may be deemed to beneficially own 10 shares of common stock of Beacon held in a trust, for which Ms. Czanderna’s husband serves as trustee. As of the date of this communication, none of the other participants has any direct or indirect interest, by security holdings or otherwise, in Beacon.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250317324389/en/
Media Contacts
Joe Checkler
joe.checkler@qxo.com
203-609-9650
Steve Lipin / Lauren Odell
Gladstone Place Partners
212-230-5930
Investor Contacts
Mark Manduca
mark.manduca@qxo.com
203-321-3889
Scott Winter / Jonathan Salzberger
Innisfree M&A Incorporated
212-750-5833
Source: QXO, Inc