Apollo Global leads investors to inject $1.2 billion into QXO
Building materials product distributor QXO (QXO.US), led by billionaire Brad Jacobs, announced on Monday that Apollo (APO.US) and other investors have agreed to invest $1.2 billion in the company to support its acquisition plans.
QXO stated that the company must use the funds to finance one or more acquisitions by July 15. QXO's fundraising involves a series of new convertible perpetual preferred shares, with an initial conversion price of $23.25 per share, approximately 18% higher than last Friday's closing price
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