QXO to Acquire TopBuild for $17 Billion
QXO has entered into a definitive agreement to acquire TopBuild Corp. for about $17 billion, a move that significantly expands its position across the building products distribution landscape.
The transaction, which includes a mix of cash and stock, values TopBuild shares at $505 each, representing a premium of about 23 percent over the company’s recent closing price.
TopBuild, headquartered in Daytona Beach, Fla., is the largest distributor and installer of insulation and related building products in North America. The combination will bring together QXO’s existing positions in roofing, waterproofing and lumber-related materials with TopBuild’s insulation platform, creating a broader, higher-margin offering across the building products value chain.
The deal has been unanimously approved by the boards of both companies and remains subject to customary closing conditions, including shareholder approval. The transaction is expected to close in the third quarter of 2026.
In the press release announcing the acquisition, QXO said the deal is expected to expand the company’s reach into large-scale and complex construction segments such as data centers.
The acquisition marks QXO’s largest deal to date and continues an aggressive growth strategy driven by mergers and acquisitions. Over the past year, the company has completed more than $13 billion in acquisitions, including Beacon Roofing Supply and Kodiak Building Partners.
Upon completion, the combined company is expected to generate more than $18 billion in annual revenue, positioning QXO as one of the largest publicly traded building products distributors in North America.
QXO has framed the acquisition as part of a broader effort to build a scaled, technology-enabled platform across building products distribution. In announcing the deal, the company said the combination is intended to expand its reach across product categories and end markets while improving efficiency and service through greater scale. TopBuild similarly noted the transaction would allow it to operate within a larger platform with increased resources and capabilities.
