Core Viewpoint - QXO, Inc. has raised $1.2 billion from Apollo Global Management to support its acquisition plans, resulting in an 18.15% stock price increase to $23.30 [1][2]. Group 1: Fundraising and Acquisition Plans - QXO, Inc. announced the acquisition of $1.2 billion in convertible perpetual preferred shares from Apollo Global, which will finance one or more qualifying acquisitions through July 15 [2]. - The commitment from Apollo can be extended for an additional 12 months if a definitive acquisition agreement is executed before the initial commitment period expires [3]. - QXO will pay a dividend rate of 4.75% per annum to Apollo, with shares convertible into common shares at an initial price of $23.25 [3]. Group 2: Leadership Changes and Strategic Focus - QXO's Chairman and CEO Brad Jacobs stepped down from his roles at XPO, Inc. and GXO Logistics, Inc. to focus on QXO's growth strategy [4]. - Jacobs aims to grow QXO into a $50 billion revenue leader in building products distribution through acquisitions and organic growth [5].
QXO Inc. (QXO) Rockets 18% as New Investor Places $1.2-Billion Bet