Investors of the new publicly-traded building materials distributor QXO include long-time XPO shareholders.
New building products distributor QXO entered into purchase agreements with several investors for a $3.5 billion private placement financing.
In the private placement, the Greenwich, CT-based company will sell an aggregate of 340,932,212 shares of its common stock at $9.14 per share, and an aggregate of 42.0 million pre-funded warrants at about $9.14 per warrant.
Following the close of the private placement expected early in 2024’s third quarter, QXO will have approximately 341.6 million outstanding shares of common stock. For more information about the shares, check out the company’s June 13 news release.
While QXO declined to comment beyond the release, a person familiar with the investment told MDM in an email that investors include long-time XPO shareholders Orbis Investment Management and T. Rowe Price, as well as Morgan Stanley Investment Management, Liberty Mutual, Sequoia Heritage and Madrone Capital Partners.
Earlier this month, the company announced its launch into the building products distribution industry and named its executive team made up of ex-XPO and -GXO leaders.
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Vesna Brajkovic
Vesna Brajkovic is MDM’s Senior Editor, having joined the company in May 2023. She has more than seven years of experience as a B2B publication editor, having focused on the commercial trucking, railroad, transit, fleet maintenance, automotive aftermarket and aviation industries. Brajkovic most recently spent the past two-plus years as Managing Editor of Heavy Duty Trucking for Bobit Business Media — where she reported and edited news and features on the commercial trucking industry, managed eNewsletters and social media, coordinated print magazine production and developed content for events and multimedia such as podcasts and videos. She can be contacted at vesna@mdm.com.
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