QXO to Acquire TopBuild for $17 Billion

QXO, Inc. (QXO) entered a merger agreement on April 19, 2026, to acquire TopBuild Corp. (BLD) in a deal valued at $17 billion.

Deal Structure:

TopBuild stockholders will have the right to elect to receive $505 in cash or 20.2 shares of QXO common stock for each TopBuild share held, subject to proration, on the condition that the total transaction consideration is paid as approximately 45% in cash and 55% in shares of QXO common stock.

The cash consideration of $505 per share represents a 23.08% premium from the stock’s last close.

QXO may increase the maximum amount of stock consideration in the transaction if TopBuild stockholders elect to receive more than 55% of the consideration in shares of QXO common stock.

Company Profile:

TopBuild is a North America-based installer and distributor of insulation and related building products, serving residential, commercial, and industrial construction markets. It operates installation and specialty distribution segments, providing insulation, roofing, gutters, and other building materials through a large network of branches and distribution centers across the U.S. and Canada.

QXO is a distributor of roofing, waterproofing, lumber, and other building materials serving contractors and suppliers. It supplies a wide range of exterior and interior construction products through its distribution network across the United States.

Deal Details and Timeline:

The deal is expected to close in the third quarter of 2026.

“Over the past 11 months, we’ve built QXO into a market leader through more than $13 billion of acquisitions, closing on Beacon in 2025 and Kodiak earlier this month,” said Brad Jacobs, the CEO of QXO. “TopBuild will be our most significant acquisition yet, making QXO the second largest publicly traded building products distributor in North America,” he added.

After acquiring TopBuild, QXO will have about 28,000 employees, 1,150 locations across all 50 U.S. states and seven Canadian provinces, and a fleet of over 10,000 vehicles.

QXO will expand its board to include one nominee from TopBuild.

TopBuild was advised by Goldman Sachs and RBC Capital Markets on finances, and by Jones Day on legal matters. QXO received financial advice from Morgan Stanley, Barclays, and Wells Fargo Securities, with legal counsel from Paul, Weiss, Rifkind, Wharton & Garrison.

QXO is offering 14.28 times the EBITDA for TopBuild.

Deal Metrics:

For more insights on this merger and acquisition transaction, visit the Deal Metrics page:

Deal Metrics for the acquisition of TopBuild Corp. (BLD) by QXO, Inc. (QXO)

The Deal Metrics page for each merger or acquisition includes:

• A spread history chart of the merger from announcement through eventual completion or failure.
• Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
• News and SEC filings.
• A history of deal updates.
• And a whole lot more.

Disclaimer: Please conduct your own due diligence before buying or selling any securities mentioned in this article. The completeness or accuracy of the content or data provided in this article is not guaranteed.

Editor’s Note: Baranjot Kaur contributed to this article