Apollo to invest $1.2 billion in QXO; shares rise

Shares of building products distributor QXO QXO.N rise nearly 10.2% to about $21.7 in early trading

Apollo Global Management agrees to invest $1.2 billion to pursue acquisition opportunities through July 15 this year, QXO says

QXO issues perpetual convertible preferred stock with 4.75% annual dividend, convertible into common shares at $23.25 per share

Average of 16 analysts rate stock "buy" or higher, their median PT is $30 - data compiled by LSEG

Including session's moves, shares up 3.3% YTD