Over the past several weeks, QXO has publicly attempted to acquire Beacon Roofing Supply, the largest publicly traded distributor of roofing, waterproofing, and related exterior products in the United States and Canada.
QXO’s Chairman and CEO Brad Jacobs extended his $11 billion offer to acquire Beacon until Friday, March 14, after both sides agreed to discuss a possible acquisition on Monday, March 1o. Previously, Jacobs and QXO released a series of announcements on the company’s continued efforts to purchase Beacon for $124.35 per share in cash. Beacon and QXO described the ongoing talks as “friendly”, and Beacon has postponed its March 13 Investor Day so it won’t interfere with the negotiations.
In its press release announcing the negotiations, QXO spokesman Joe Checkler said, “If we come to an agreement with Beacon, we expect it to be the first of many acquisitions for QXO. It will put us on a pathway to our stated goal of $50 billion in revenue.” QXO has targeted the building distribution space for growth and last September offered $9.4 billion to acquire Rexel. The offer was rejected. Beacon’s 2023 revenue was $9.12 billion.
tED magazine reached out to Checkler to see if part of QXO’s $50 billion in revenue plan included another attempt to acquire a major electrical distributor. Checkler told tED, “We’re not commenting on which verticals we may be interested in at the moment. I will let you know if that changes.”
Tagged with acquisition, QXO, Rexel