Prime Highlights
- QXO has agreed to acquire TopBuild in a deal valued at about $17 billion, marking its largest acquisition to date.
- The transaction will make QXO the second-largest publicly traded building products distributor in North America.
Key Facts
- TopBuild shareholders can choose to receive $505 in cash or 20.2 shares of QXO stock for each share held, with the deal structured as 45 percent cash and 55 percent stock.
- After the deal closes, QXO will have around 28,000 employees, 1,150 locations and a fleet of more than 10,000 vehicles across the U.S. and Canada.
Background
U.S.-based construction supplies distributor QXO has agreed to acquire building products distributor and installer TopBuild in a deal valued at about $17 billion, further expanding the company’s presence in the North American building materials market.
The transaction, approved by the boards of both companies, will make QXO the second-largest publicly traded building products distributor in North America, with combined revenue of more than $18 billion.
Under the agreement, TopBuild shareholders will have the option to receive $505 in cash or 20.2 shares of QXO common stock for each share held, subject to the overall deal mix being approximately 45 percent cash and 55 percent stock. The cash offer represents a premium of about 23.1 percent to TopBuild’s last closing price of $410.31.
QXO said the acquisition is expected to be immediately and significantly accretive to its earnings. Chairman and Chief Executive Officer Brad Jacobs described the deal as the company’s most significant acquisition to date.
The acquisition will strengthen QXO’s position in the insulation and commercial roofing sectors and expand its reach in large-scale projects, including data centers, where demand continues to grow.
The deal adds to a series of acquisitions led by QXO over the past year. The company completed its acquisition of Beacon Roofing Supply in 2025 and announced a $2.25 billion deal for Kodiak Building Partners earlier this year.
Once the transaction closes, expected in the third quarter of 2026, QXO will have around 28,000 employees, 1,150 locations across all 50 U.S. states and seven Canadian provinces, along with a fleet of more than 10,000 vehicles.
Companies in the U.S. building products industry continue to consolidate as they expand their reach and strengthen supply chains.
