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Investing.com-- QXO Inc (NYSE:QXO) on Wednesday offered to buy GMS Inc (NYSE:GMS) for about $5 billion, sending the shares of the building products maker up sharply in aftermarket trade.
QXO offered $95.20 in cash for each share in GMS, representing a 17.5% premium to GMS’ close on Wednesday. Shares of the building products maker jumped 16% to $94.01 in aftermarket trade, while QXO rose 2.2% to $23.0.
QXO made the offer in a direct letter to GMS CEO John Turner, which the company released publicly.
QXO’s offer came just hours after GMS clocked stronger than expected quarterly earnings, although its revenue fell short of expectations. But the company presented an optimistic outlook for fiscal 2026.
The deal comes as QXO embarks on a consolidation spree amid heightened uncertainty for the building materials industry, especially as home building activity remains weak and President Donald Trump’s trade tariffs present more macro headwinds. The company counts Trump’s son-in-law Jared Kushner as a board member.
The deal stands to further QXO’s position as the biggest publicly listed roofing and building materials company in the U.S., after it acquired Beacon Roofing (NASDAQ:BECN) earlier this year for about $11 billion.