QXO Obtains Antitrust Clearance for Beacon Acquisition
Deal News | Feb 12, 2025 | Globenewswire
QXO, Inc. has received antitrust clearance for its acquisition of Beacon Roofing Supply, Inc., allowing the deal to proceed. The U.S. Hart-Scott-Rodino Act's waiting period has expired, and the Canadian Competition Bureau has granted early termination of its waiting period, creating a clear path for the closing of the transaction. This acquisition, supported by committed financing, offers Beacon shareholders immediate and substantial value at $124.25 per share. QXO's tender offer remains active until late February 2025, without financial or due diligence contingencies. QXO is advised by Morgan Stanley and legally represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP, as it aims to integrate its tech expertise into the building products distribution industry. Upcoming steps involve potential strategic revisions at Beacon, including the removal of its poison pill and possible proxy contests.
Sectors
- Technology Solutions
- Building Products Distribution
- Mergers and Acquisitions
Geography
- United States – QXO and Beacon operate primarily in the United States, and U.S. regulatory approval is a key part of the transaction.
- Canada – Canadian antitrust approval is an important element in successfully moving forward with the acquisition.
Industry
- Technology Solutions – QXO provides technology solutions which play a central role in its operations and strategic direction.
- Building Products Distribution – The acquisition targets Beacon, a company in the building products distribution sector, aligning with QXO's strategic growth plans.
- Mergers and Acquisitions – The article discusses QXO's acquisition of Beacon Roofing Supply, a significant transaction in the M&A space.
Financials
- $124.25 per share – The price at which QXO offers to purchase Beacon's outstanding common stock.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| QXO, Inc. | Bidding Company | Company | QXO is the acquiring entity in this transaction, seeking to purchase Beacon Roofing Supply. |
| Beacon Roofing Supply, Inc. | Target Company | Company | Beacon is the target of QXO's acquisition, operating in the building products distribution sector. |
| Morgan Stanley & Co. LLC | Financial Advisor | Company | Morgan Stanley serves as the lead financial advisor to QXO for this acquisition. |
| Paul, Weiss, Rifkind, Wharton & Garrison LLP | Legal Advisor | Company | This law firm is providing legal counsel to QXO. |
| Brad Jacobs | Chairman and CEO | Person | Brad Jacobs is the Chairman and CEO of QXO, overseeing this acquisition. |