QXO has secured a $1.2 billion investment commitment from Apollo Global Management affiliates and other investors, bolstering the building products distributor's war chest as it pursues its aggressive acquisition strategy.

Under the investment agreement, the investors have committed to purchase the new convertible preferred stock to fund one or more qualifying acquisitions through July 15, 2026. This commitment will be extended up to an additional 12 months if a definitive acquisition agreement is executed before the initial commitment period expires. Any issuance of the new convertible preferred stock will close at or around the time of the closing of the qualifying acquisition(s).

The new convertible preferred stock is perpetual, will pay a preferred dividend rate of 4.75% per annum, and can be converted into shares of the Company’s common stock at an initial conversion price of $23.25 per share.

QXO’s acquisition strategy took a significant step forward in April 2025 with the completion of its roughly $11 billion acquisition of Beacon Roofing Supply, one of the largest distributors of roofing, waterproofing and complementary building products in North America. The deal transformed QXO into the largest publicly traded distributor in the sector and established Beacon as the cornerstone of the company’s platform as it pursues scale, technology investment and market consolidation.

Following the Beacon transaction, QXO continued to signal its appetite for large, transformative deals. In 2025, the company made an unsolicited bid valued at about $5 billion for GMS Inc., another major building products distributor. Although that effort was ultimately unsuccessful—GMS was later acquired by Home Depot’s SRS Distribution unit—the move underscored QXO’s aggressive roll-up strategy and its intention to pursue additional sizable acquisitions in the highly fragmented building products distribution market.