QXO to Acquire Beacon Roofing Supply for $11 Billion
QXO (NYSE: QXO) has announced a definitive merger agreement to acquire Beacon Roofing Supply for $124.35 per share in an all-cash transaction valuing Beacon at approximately $11 billion, including outstanding debt. The acquisition targets Beacon's network of nearly 600 branches across the U.S. and Canada in the $800 billion building products distribution industry.
The transaction, unanimously approved by both companies' boards, is expected to close by April's end, subject to tender offer conditions. QXO has secured $5 billion in cash and financing commitments for the purchase, including an $830 million private placement financing from institutional investors. The deal has already received antitrust clearance in the U.S. and Canada.
As part of the agreement, QXO has withdrawn its nomination of 10 independent director nominees for Beacon's 2025 annual meeting, and Beacon has exempted the tender offer from its shareholder rights plan. The tender offer has been extended to March 31, 2025.
QXO (NYSE: QXO) ha annunciato un accordo di fusione definitivo per acquisire Beacon Roofing Supply per $124,35 per azione in una transazione interamente in contante che valuta Beacon a circa $11 miliardi, inclusi i debiti in sospeso. L'acquisizione mira alla rete di Beacon di quasi 600 filiali negli Stati Uniti e in Canada nel settore della distribuzione di prodotti per l'edilizia del valore di $800 miliardi.
La transazione, approvata all'unanimità dai consigli di entrambe le aziende, dovrebbe concludersi entro la fine di aprile, soggetta alle condizioni dell'offerta pubblica di acquisto. QXO ha garantito $5 miliardi in contante e impegni di finanziamento per l'acquisto, inclusi $830 milioni di finanziamento tramite collocamento privato da investitori istituzionali. L'accordo ha già ricevuto l'approvazione antitrust negli Stati Uniti e in Canada.
Come parte dell'accordo, QXO ha ritirato la sua nomina di 10 candidati indipendenti per il consiglio di amministrazione di Beacon per l'assemblea annuale del 2025, e Beacon ha esentato l'offerta pubblica di acquisto dal suo piano di diritti degli azionisti. L'offerta pubblica di acquisto è stata estesa al 31 marzo 2025.
QXO (NYSE: QXO) ha anunciado un acuerdo de fusión definitivo para adquirir Beacon Roofing Supply por $124.35 por acción en una transacción totalmente en efectivo que valora a Beacon en aproximadamente $11 mil millones, incluyendo la deuda pendiente. La adquisición tiene como objetivo la red de Beacon de casi 600 sucursales en EE. UU. y Canadá en la industria de distribución de productos de construcción valorada en $800 mil millones.
La transacción, aprobada por unanimidad por las juntas de ambas compañías, se espera que se cierre para finales de abril, sujeta a las condiciones de la oferta pública de adquisición. QXO ha asegurado $5 mil millones en efectivo y compromisos de financiamiento para la compra, incluyendo $830 millones en financiamiento de colocación privada de inversores institucionales. El acuerdo ya ha recibido la aprobación antimonopolio en EE. UU. y Canadá.
Como parte del acuerdo, QXO ha retirado su nominación de 10 candidatos independientes para la reunión anual de accionistas de Beacon de 2025, y Beacon ha exento la oferta pública de adquisición de su plan de derechos de los accionistas. La oferta pública de adquisición se ha extendido hasta el 31 de marzo de 2025.
QXO (NYSE: QXO)는 Beacon Roofing Supply를 주당 $124.35에 인수하기 위한 최종 합병 계약을 발표했습니다. 이는 빚을 포함하여 Beacon의 가치를 약 $11억으로 평가하는 전액 현금 거래입니다. 이 인수는 미국과 캐나다 전역에 있는 거의 600개의 Beacon 지점을 대상으로 하며, $8000억 규모의 건축 자재 유통 산업에 속합니다.
양사의 이사회에서 만장일치로 승인된 이 거래는 4월 말까지 마무리될 것으로 예상되며, 공개 매수 조건에 따라 진행됩니다. QXO는 인수에 대해 $50억의 현금 및 금융 약정을 확보했으며, 여기에는 기관 투자자로부터의 $8억 3천만의 사모펀드 자금이 포함됩니다. 이 거래는 미국과 캐나다에서 이미 반독점 승인을 받았습니다.
계약의 일환으로 QXO는 2025년 Beacon의 연례 회의에 대한 독립 이사 후보 10명의 지명을 철회했으며, Beacon은 주주 권리 계획에서 공개 매수를 면제했습니다. 공개 매수는 2025년 3월 31일까지 연장되었습니다.
QXO (NYSE: QXO) a annoncé un accord de fusion définitif pour acquérir Beacon Roofing Supply pour $124,35 par action dans le cadre d'une transaction entièrement en espèces, valorisant Beacon à environ $11 milliards, y compris la dette en cours. L'acquisition vise le réseau de Beacon de près de 600 agences aux États-Unis et au Canada dans l'industrie de la distribution de produits de construction d'une valeur de 800 milliards de dollars.
La transaction, approuvée à l'unanimité par les conseils d'administration des deux sociétés, devrait se conclure d'ici la fin avril, sous réserve des conditions de l'offre publique d'achat. QXO a sécurisé 5 milliards de dollars en liquidités et des engagements de financement pour l'achat, y compris un financement par placement privé de 830 millions de dollars d'investisseurs institutionnels. L'accord a déjà reçu l'approbation antitrust aux États-Unis et au Canada.
Dans le cadre de l'accord, QXO a retiré sa nomination de 10 candidats indépendants au conseil d'administration de Beacon pour l'assemblée annuelle de 2025, et Beacon a exempté l'offre publique d'achat de son plan de droits des actionnaires. L'offre publique d'achat a été prolongée jusqu'au 31 mars 2025.
QXO (NYSE: QXO) hat eine endgültige Fusionsvereinbarung bekannt gegeben, um Beacon Roofing Supply für $124,35 pro Aktie in einer Bartransaktion zu erwerben, die Beacon auf etwa $11 Milliarden bewertet, einschließlich ausstehender Schulden. Die Übernahme zielt auf das Netzwerk von Beacon mit fast 600 Filialen in den USA und Kanada im $800 Milliarden schweren Vertriebssektor für Bauprodukte ab.
Die Transaktion, die einstimmig von den Vorständen beider Unternehmen genehmigt wurde, wird voraussichtlich bis Ende April abgeschlossen sein, vorbehaltlich der Bedingungen des Übernahmeangebots. QXO hat sich $5 Milliarden in bar und Finanzierungszusagen für den Kauf gesichert, darunter eine Privatplatzierung in Höhe von $830 Millionen von institutionellen Investoren. Der Deal hat bereits die Genehmigung der Wettbewerbsbehörden in den USA und Kanada erhalten.
Im Rahmen der Vereinbarung hat QXO seine Nominierung von 10 unabhängigen Direktorenkandidaten für die Jahreshauptversammlung von Beacon 2025 zurückgezogen, und Beacon hat das Übernahmeangebot von seinem Aktionärsrechteplan ausgenommen. Das Übernahmeangebot wurde bis zum 31. März 2025 verlängert.
- All-cash transaction provides immediate premium and value certainty for shareholders
- Acquisition expands QXO's presence in $800 billion building products distribution industry
- Deal has received key antitrust approvals in US and Canada
- Financing fully secured with $5 billion cash/commitments plus $830 million private placement
- Access to Beacon's extensive network of 600 branches across US and Canada
- Significant debt financing required for the acquisition
- High acquisition cost at $11 billion including debt
- Integration risks of merging large-scale operations
- Extended tender offer period indicates potential shareholder concerns
Insights
QXO's $11 billion acquisition of Beacon Roofing Supply represents a transformative deal with significant strategic implications. The all-cash offer of
This transaction marks QXO's strategic entry into the $800 billion building products distribution industry, giving them instant scale with Beacon's network of nearly 600 branches across the U.S. and Canada. The deal structure as a tender offer indicates QXO's commitment to closing quickly, with an expected completion by end of April.
Financing for the acquisition appears solid, with QXO having secured
Notably, QXO has withdrawn its nomination of 10 independent directors for Beacon's 2025 annual meeting, suggesting this transaction resolves what could have been a contentious proxy battle. This evolution from potential hostile approach to agreed transaction indicates both sides found mutual value in the deal.
The acquisition aligns with QXO's stated strategy of creating shareholder value through expanding into industries where they can drive above-market organic growth and margin expansion by applying their operational playbook.
This acquisition positions QXO as an immediate major player in building products distribution, leapfrogging years of organic growth by acquiring one of the industry's leading distributors. Beacon's specialization in roofing, waterproofing, and exterior products provides QXO with a focused market position rather than trying to compete across all building materials segments.
Beacon's nearly 600 branch network represents significant infrastructure and logistics capabilities that would be extremely costly and time-consuming to build from scratch. Their established contractor relationships and supply chain partnerships are particularly valuable assets in this relationship-driven industry.
The reference to Beacon's "Ambition 2025" transformation suggests QXO is acquiring a business that has already undergone significant operational improvements, potentially making integration and further enhancements more straightforward. Beacon's CEO noted they've delivered "superior financial and operational results" through this initiative, indicating QXO may be acquiring a well-performing platform rather than a turnaround situation.
QXO's intent to drive "above-market organic growth and significant margin expansion" suggests they see opportunities for operational efficiencies beyond what Beacon has already achieved. This likely includes supply chain optimization, digital transformation, and potential consolidation of overlapping functions.
For the broader building products distribution landscape, this acquisition signals potential further consolidation as scale becomes increasingly important for purchasing power, logistics efficiency, and technology investments. Competitors may need to consider strategic responses to maintain competitive positioning against this enlarged entity.
The boards of directors of both companies have unanimously approved the transaction, which values Beacon at approximately
“Acquiring Beacon is a key milestone in our plan to create substantial shareholder value and establish QXO as a leader in the
Stuart Randle, Beacon’s chairman, said, “Since QXO made its initial offer last November, we have evaluated strategic alternatives to enhance value for all of our shareholders. Following our Board’s comprehensive review, we concluded that this transaction is in the best interests of Beacon and its shareholders given the immediate premium and certainty of value in cash it offers, particularly in an uncertain environment.”
Julian Francis, president and chief executive officer of Beacon, said, “Since the launch of Ambition 2025 three years ago, we successfully transformed Beacon, delivering superior financial and operational results. We have a highly differentiated business with multiple paths to success, margin expansion and value creation, and thanks to the incredible talent and dedication of our employees, I know Beacon has a bright future ahead. We will now enter a new chapter of growth, true to our mission to help our customers build more.”
Terms
On January 27, 2025, QXO commenced an all-cash tender offer to acquire all of the outstanding shares of Beacon. QXO today announced that it has extended its current tender offer to expire at 5:00 p.m., New York City Time, on March 31, 2025. QXO will amend its current tender offer on or prior to the new expiration date to reflect the terms of the definitive merger agreement with Beacon, including to reflect an offer price of
In connection with the transaction, QXO has withdrawn its nomination of 10 independent director nominees for election at Beacon’s 2025 annual meeting of shareholders and Beacon has exempted the tender offer from its previously adopted shareholder rights plan.
The acquisition has received antitrust clearance in the
Advisors
Morgan Stanley is acting as lead financial advisor to QXO. QXO is also being advised by Goldman Sachs, Citi, Centerview, Credit Agricole, Wells Fargo and Mizuho. Paul Weiss is acting as lead legal counsel to QXO, with Wachtell Lipton providing additional legal advice. J.P. Morgan is serving as financial advisor to Beacon and its board, and Lazard is serving as financial advisor to the Beacon board. Sidley Austin and Simpson Thacher are serving as legal advisors to Beacon.
About QXO
QXO provides technology solutions, primarily to clients in the manufacturing, distribution and service sectors. The company provides consulting and professional services, including specialized programming, training and technical support, and develops proprietary software. As a value-added reseller of business application software, QXO offers solutions for accounting, financial reporting, enterprise resource planning, warehouse management systems, customer relationship management, business intelligence and other applications. QXO plans to become a tech-forward leader in the
About Beacon
Founded in 1928, Beacon is a Fortune 500 company specializing in the distribution of roofing and complementary building products, including siding and waterproofing. The company operates over 580 branches throughout all 50 states in the
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements. Statements that are not historical facts, including statements about beliefs, expectations, targets or goals, the expected timing of the closing of the proposed acquisition, the anticipated benefits of the proposed acquisition and expected future financial position and results of operations, 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. Factors that could cause actual results to differ materially from those described herein include, among others: (i) the risk that the proposed acquisition may not be completed on the anticipated terms in a timely manner or at all; (ii) the failure to satisfy any of the conditions to the consummation of the proposed acquisition, including uncertainties as to how many of Beacon’s stockholders will tender their shares in the tender offer; (iii) the effect of the pendency of the proposed acquisition on each of QXO’s and Beacon’s business relationships with employees, customers or suppliers, operating results and business generally; (iv) the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the merger agreement, including circumstances that require Beacon to pay a termination fee; (v) the possibility that the proposed acquisition may be more expensive to complete than anticipated, including as a result of unexpected factors or events, significant transaction costs or unknown liabilities; (vi) potential litigation and/or regulatory action relating to the proposed acquisition; (vii) the risk that the anticipated benefits of the proposed acquisition may not be fully realized or may take longer to realize than expected; (viii) the impact of legislative, regulatory, economic, competitive and technological changes; (ix) QXO’s ability to finance the proposed transaction, including the ability to obtain the necessary financing arrangements set forth in the commitment letters received in connection with the proposed acquisition; (x) unknown liabilities and uncertainties regarding general economic, business, competitive, legal, regulatory, tax and geopolitical conditions; and (xi) the risks and uncertainties set forth in QXO’s and Beacon’s SEC filings, including each company’s Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent Quarterly Reports on Form 10-Q.
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 and Beacon do not undertake 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
The information herein is for informational purposes only and does not constitute 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 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. The parties expect to file amendments to these tender offer materials to reflect the provisions of the merger agreement. Investors and security holders are urged to carefully read these materials as they 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, the 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, these materials 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,
No Offer or Solicitation
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities described herein, nor shall there be any sale of these securities in any state or 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 jurisdiction.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250320149865/en/
QXO:
Media
Joe Checkler
joe.checkler@qxo.com
203-609-9650
Steve Lipin / Lauren Odell
Gladstone Place Partners
212-230-5930
Investors
Mark Manduca
mark.manduca@qxo.com
203-321-3889
Scott Winter / Jonathan Salzberger
Innisfree M&A Incorporated
212-750-5833
Beacon:
Media
Jennifer Lewis
Jennifer.Lewis@becn.com
571-752-1048
Ed Trissel / Andrea Rose
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
Investors
Binit Sanghvi
Binit.Sanghvi@becn.com
972-369-8005
Bruce Goldfarb / Pat McHugh
Okapi Partners LLC
info@okapipartners.com
888-785-6673
212-297-0720
Source: QXO, Inc
FAQ
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