QXO Gets Additional $1.8 Bln Financing From Apollo, Temasek
(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.
Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms. RTT's Financial Newswire is relied upon by some of the world's largest financial institutions, including banks, brokerages, trading platforms and financial exchanges.