Overview
- An Apollo-led group committed about $1.2 billion via convertible perpetual preferred shares to support QXO’s acquisition strategy.
- The securities carry a 4.75% annual dividend and an initial conversion price of $23.25 per share.
- QXO must complete at least one qualifying acquisition by July 15, 2026, with a potential one-year extension if a definitive agreement is signed before the deadline.
- Other participants include Franklin Templeton and two pension funds, according to QXO’s chief investment officer.
- QXO stock rose roughly 18%–20% to about $23.30 after the announcement as the company pursues multiple targets following its 2025 Beacon Roofing purchase.