Mergers & Acquisitions

QXO to Acquire TopBuild In $17 Billion Deal

Deal expands reach into $300B market

By Tanja Kern, Senior Strategic Content Editor

Generative AI image created via ChatGPT/Chris Pirrone

QXO Inc. has agreed to acquire TopBuild Corp. for approximately $17 billion, the companies announced April 19, in a deal that would make QXO the second-largest publicly traded building products distributor in North America.

The transaction, approved by both boards, is expected to close in the third quarter of 2026, pending shareholder and regulatory approvals.

The deal follows QXO’s acquisitions of Beacon and Kodiak over the past year and adds TopBuild — the largest distributor and installer of insulation in North America — to a portfolio spanning roofing, waterproofing and lumber-related materials. The combined company would generate more than $18 billion in annual revenue, employ roughly 28,000 people and operate more than 1,100 locations across the United States and Canada, while expanding its addressable market to more than $300 billion and increasing its exposure to large-scale projects such as data centers.

“TopBuild will be our most significant acquisition yet,” said QXO Chairman and CEO Brad Jacobs.

TopBuild CEO Robert Buck said the combination would “enhance customer service, unlock meaningful cross-selling opportunities, and drive continued growth and operating efficiency.”

Under the deal, TopBuild shareholders may receive $505 per share in cash or stock — a premium of about 20% to the company’s 60-day volume-weighted average share price. QXO expects to achieve about $300 million in synergies by 2030. TopBuild reported approximately $6.2 billion in net sales in 2025.

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Tanja Kern covers economic trends and the intersection of architecture, design, and construction for Roofing Contractor, with an emphasis on the forces reshaping the industry. She develops and amplifies content that connects roofing professionals with the intelligence they need to compete and grow.

With more than 20 years of experience, Tanja has written for national business, consumer and trade publications. She holds a Master of Science in magazine publishing from Northwestern University's Medill School of Journalism.