QXO's Trading Volume Surges 240.58% Ranking 216th in Market Activity as it Proposes $5 Billion Acquisition of GMS Inc

On June 18, 2025, QXO's trading volume reached 3.52 billion, marking a 240.58% increase from the previous day and ranking 216th in the day's stock market activity. QXO's stock price rose by 11.91%, marking the third consecutive day of gains and a total increase of 14.70% over the past three days.

QXO has proposed to acquire GMS Inc. for $95.20 per share in cash, implying a total transaction value of approximately $5 billion. This offer represents a 27% premium over GMS’s 60-day volume-weighted average price. QXO's Chairman and CEO, Brad Jacobs, emphasized that the all-cash proposal delivers immediate and certain value to GMS shareholders at a meaningful premium.

QXO's proposal is supported by GMS's attractive positions in wallboard, ceiling tile, and steel framing, as well as its extensive distribution network and broad exposure to both residential and commercial end markets. However, GMS's financial performance has been underwhelming, with declining EBITDA and EBITDA margins, missed earnings estimates, and underperformance compared to the S&P 500.

QXO's offer is a 29% premium to GMS’s stock price as of May 22, 2025, and a 27% premium to the Company’s 60-day VWAP. The offer also represents a 19% premium to the median 12-month sell-side analyst price target and a 2.9x premium to GMS’s three-year historical average next-twelve-months enterprise value to EBITDA multiple.

QXO has received strong assurances from Goldman Sachs and Morgan Stanley regarding their ability to deliver fully committed financing for the transaction. The company does not anticipate any antitrust or other regulatory issues and believes the transaction should close in August 2025. QXO is prepared to move quickly with confirmatory due diligence and negotiate definitive transaction documentation.