QXO Acquires TopBuild for $17 Billion in Major Building Products Consolidation
QXO is set to acquire TopBuild, the largest insulation distributor in North America, for about $17 billion, which will result in the formation of the second-largest publicly traded distributor of building products, boasting over $18 billion in revenue and $2 billion in adjusted EBITDA. Shareholders of TopBuild will receive either $505 in cash or 20.2 shares of QXO, reflecting a 23.1% premium based on TopBuild's closing price of $410.31 on April 17. This transaction, pending shareholder approval, is anticipated to finalize in the third quarter of 2026. QXO's CEO, Brad Jacobs, described this as the company's most pivotal acquisition, following the $11 billion acquisition of Beacon Roofing Supply in 2025. In 2025, TopBuild reported $6.2 billion in net sales and $1.14 billion in adjusted EBITDA.
Key facts
- QXO is acquiring TopBuild for $17 billion
- Deal creates second-largest publicly traded building products distributor in North America
- Combined revenue exceeds $18 billion with over $2 billion adjusted EBITDA
- Offer represents 23.1% premium over TopBuild's April 17 closing price of $410.31
- Transaction expected to close in Q3 2026
- QXO anticipates $300 million in synergies by 2030
- Combined company will operate from 1,150 sites across U.S. and Canada
- TopBuild generated $6.2 billion net sales and $1.14 billion adjusted EBITDA in 2025
Entities
Artists
- Brad Jacobs
- Robert Buck
Institutions
- QXO
- TopBuild
- Beacon Roofing Supply
- Kodiak Building Partners
- Morgan Stanley
- Barclays
- Wells Fargo
- Goldman Sachs
- RBC Capital Markets
- Paul, Weiss, Rifkind, Wharton & Garrison
- Jones Day
- Reuters
- Bloomberg
- SOPA Images
- Getty Images
Locations
- North America
- United States
- Canada
Sources
- Quartz —