Beacon Roofing Supply and QXO have agreed to an $11 billion buyout, sending shares of both companies higher. QXO announced the merger on Thursday morning. It will pay $124.35 per share in cash for the building-materials supplier.

Beacon Roofing Supply has agreed to an $11 billion buyout offer from billionaire Brad Jacobs' firm QXO, weeks after it rejected a marginally lower bid from the company and raised its defenses to prevent a hostile takeover.

After its initial efforts to buy Beacon Roofing Supply were rebuffed, QXO and the roofing distributor have come to an agreement.