Apollo Leads $1.2 Billion Investment in Brad Jacobs’ QXO (1)

An investor group led by Apollo Global Management Inc. has agreed to invest $1.2 billion in QXO Inc. to support the building products company’s acquisition strategy.

The financing for the company, which is led by billionaire and serial dealmaker Brad Jacobs, will be in convertible perpetual preferred stock, according to a statement on Monday that confirmed an earlier Bloomberg News report. Under the agreement, the investors have committed to purchase the stock to fund one or more acquisitions by QXO by mid-July.

The new convertible preferred stock will pay an annual dividend of 4.75% with a conversion price ...