(RTTNews) - QXO, Inc. (QXO), a roofing, waterproofing, and other building products distributor, Monday announced that affiliates of Apollo Global Management, Inc. (APO), a private equity firm, have increased their funding by $1.8 billion bringing the total investment in QXO to $3 billion.
Apollo, Temasek, and certain other investors have agreed to purchase convertible perpetual preferred stock or Series C Preferred Stock to fund one or more qualifying acquisitions through July 15, 2026.
Further, this commitment will extend for another 12 months if a definitive acquisition agreement is executed before the initial commitment period expires.
In pre-market activity, QXO shares were trading at $25.23, up 0.92% on the New York Stock Exchange.
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