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.

The agreement between QXO and Hernon, Virginia-based Beacon Roofing Supply, which describes itself as the “largest publicly traded distributor of roofing materials and complementary building products” in the U.S. and Canada, culminates QXO’s months-long pursuit.