QXO Upsizes Convertible Preferred Equity Investment to $3 Billion Led by Apollo and Temasek

Paul, Weiss advised QXO, Inc., a public company launched by CEO Brad Jacobs in the building products distribution industry, on a $1.8 billion upsize to its previously announced $1.2 billion convertible preferred stock financing led by funds managed by affiliates of Apollo Global Management, Inc. The upsize was led by Apollo and Singapore-based investment firm Temasek and brings the total investment to $3 billion, further strengthening QXO’s financial flexibility to pursue strategic acquisitions.

The Paul, Weiss team was led by corporate partner David Huntington and included partner David Sobel, and tax partner Scott Sontag and counsel Alyssa Wolpin.