Building materials distributor QXO on Monday announced a $1.8 billion increase to a previously announced financing agreement — bringing its total to $3 billion.
The company last week said that affiliates of Apollo Global Management and other investors had agreed to purchase a new preferred stock of QXO totaling $1.2 billion to fund acquisitions through mid-July. Apollo, Temasek — the sovereign wealth fund of Singapore — and other investors, the company said this week, would also fund the company through additional purchases of that Series C preferred stock.
“The investment further strengthens QXO’s financial flexibility to pursue strategic acquisition opportunities,” QXO officials said in a statement.
People familiar with the matter indicated that QXO was in "late-stage" talks with seven potential acquisition targets and in the “advanced stages” of completing "another significant acquisition.”
