Building-products distributor QXO (QXO.N) signed a deal for Beacon Roofing Supply (BECN.O), valuing Beacon at roughly $7.7 billion, or $11 billion including debt, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
Billionaire Brad Jacobs-run QXO agreed to pay $124.35 a share for Beacon, which plans to expand the business to more than $50 billion in annual sales, the report added.
The companies last week confirmed they were in discussions about a deal in which QXO would acquire Beacon for $124.35 per share in cash, an increase of 10 cents from QXO's previous proposal.
QXO, a new entrant in the building products distribution industry and that counts U.S. President Donald Trump's son-in-law Jared Kushner as a board member, in January made public its bid to buy Beacon's outstanding shares for $124.25 apiece.
Virginia-based Beacon rejected the offer, which prompted QXO CEO Brad Jacobs to approach Beacon's shareholders directly in a hostile takeover attempt.
QXO proposed 10 independent director nominees to replace Beacon's board of directors after it obtained antitrust clearance in the U.S. and Canada to acquire the roofing material supplier.
QXO and Beacon did not immediately respond to Reuters' request for comments.
