QXO falls after announcing pricing of common stock offering

QXO

25/06/2025 10:45

** Shares of building products distributor QXO QXO.N down 5% at $22.33 in premarket trading

** QXO announces $2 bln common stock offering at $22.25 per share, an almost 5% discount from stock's last close of $23.50

** Underwriters have option to buy additional $300 mln shares; Goldman Sachs, Morgan Stanley and Wells Fargo Securities to act as underwriters

** Co intends to use net proceeds from the offering for general corporate purposes, including funding future acquisitions

** Co made an offer last week to acquire GMS GMS.N for about $5 bln, threatening a hostile takeover if the bid wasn't accepted

** They also closed a $11 bln deal to buy Beacon Roofing Supply BECN.O this year with CEO Brad Jacobs targeting $50 bln in annual revenue over the next decade through acquisitions and organic growth

** As of last close, stock is up 47.8% YTD

(Reporting by Ankita Yadav in Bengaluru)

((Ankita.Yadav@thomsonreuters.com;))