Beacon Roofing Stock Up In Pre-market On Talks To Be Bought By QXO In $11 Bln Cash Deal

(RTTNews) - Technology solutions provider QXO, Inc. (QXO) is in discussions to acquire Beacon Roofing Supply, Inc. (BECN) for $124.35 per share in cash, or total consideration of around $11 billion, the companies confirmed Monday.

In pre-market activity on the Nasdaq, Beacon shares were gaining around 8.9 percent to trade at $120.95.

QXO is engaging in customary due diligence regarding Beacon's business, and both companies are negotiating a definitive agreement.

Amid the talks, Beacon has postponed its Investor Day, which had been scheduled for March 13.

The companies added that there can be no assurance that these discussions will result in a transaction.

Beacon, founded in 1928, distributes specialty building products, including roofing materials and complementary products, such as siding and waterproofing. The company operates over 580 branches throughout all 50 states in the U.S. and 7 provinces in Canada.