QXO Inc. said Tuesday that it has completed its acquisition of Beacon Roofing Supply, bringing a five-month saga over its $11 billion buyout bid to a close.
QXO officials said that the deal makes it the largest publicly traded distributor of roofing, waterproofing and related building products in the U.S.
QXO, formed last year by billionaire former XPO head Brad Jacobs, sought to purchase Beacon in November after an initial offer to buy Rexel was rejected. Beacon also turned down a pair of offers from QXO before the latter launched a hostile takeover bid.
Ultimately, the sides reached an agreement on a buyout last month.
“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,” Jacobs said in a statement Tuesday. “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.”
QXO said that just more than 72% of shares of Beacon had been tendered as of Monday evening; the remaining shares were added through a second-step merger. The company also closed a previously announced equity private placement of $830 in connection with the purchase.
Beacon is now a wholly owned subsidiary of QXO and ceased trading on the Nasdaq Global Select Market. QXO will ring the bell at the New York Stock Exchange on Wednesday.
