NRCA member Beacon Roofing Supply Inc., Herndon, Va., and QXO Inc., Greenwich, Conn., have announced they have entered into a definitive merger agreement under which QXO will acquire Beacon Roofing Supply for $124.35 per share in cash.
Beacon Roofing Supply is a distributor of roofing, waterproofing and exterior products, with nearly 600 branches across the U.S. and Canada. QXO provides technology solutions, primarily to clients in the manufacturing, distribution and service sectors.
The transaction values Beacon at about $11 billion, including all its outstanding debt, and is expected to close by the end of April.
“Since QXO made its initial offer last November, we have evaluated strategic alternatives to enhance value for all of our shareholders,” said Stuart Randle, Beacon Roofing Supply’s chairman. “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.”
Beacon Roofing Supply President and CEO Julian Francis said: “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.”
