QXO Nets $3.5B in Post-Launch Private Placement - Modern Distribution Management

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QXO Nets $3.5B in Post-Launch Private Placement

Investors of the new publicly-traded building materials distributor QXO include long-time XPO shareholders.
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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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