An investor group led by Apollo Global Management Inc. has agreed to invest more than $1 billion in QXO Inc. to support the building products company’s acquisition strategy, according to people familiar with the situation.

The investment into Greenwich, Connecticut-based QXO is also backed by other firms including Franklin Templeton, the people said, asking not to be identified because the matter is private. An announcement could come as soon as Monday, the people said, cautioning that the timing could still change.