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.

The boards of directors of both companies have unanimously approved the transaction, which values Beacon at approximately $11 billion, including all its outstanding debt.

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