GREENWICH, Conn. & DAYTONA BEACH, Fla. — QXO, Inc. has entered into a definitive agreement to acquire TopBuild Corp. for approximately $17 billion, a move that will significantly expand its footprint across the building products value chain and position the combined company as a dominant industry player.
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The transaction, unanimously approved by both companies’ boards, is expected to close in the third quarter of 2026, pending customary conditions including shareholder approval.
Upon completion, QXO will become the second-largest publicly traded building products distributor in North America, with more than $18 billion in combined revenue and over $2 billion in adjusted EBITDA. The acquisition is also expected to be immediately and substantially accretive to QXO’s earnings.
TopBuild, the largest distributor and installer of insulation products in North America, will complement QXO’s existing strengths in roofing, waterproofing and lumber-related materials. The combined entity is expected to operate in a market exceeding $300 billion while holding leading positions across multiple product categories.
Brad Jacobs, chairman and CEO of QXO, emphasized the company’s rapid expansion strategy through acquisitions.
“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. TopBuild will be our most significant acquisition yet, making QXO the second largest publicly traded building products distributor in North America, with more than $18 billion of combined company revenue and more than $2 billion of combined company adjusted EBITDA,” Jacobs said.
He added that the deal strengthens QXO’s position in high-growth sectors.
“The TopBuild transaction will also give us critical mass in the insulation sector and expand our exposure to large, complex projects like data centers, where scale matters. TopBuild has a deep bench of best-in-class operators, reflected in its industry-leading adjusted EBITDA margin of approximately 18%. We plan to replicate their best practices across QXO, including deploying their ‘special OPS’ teams to continuously improve operational excellence and customer service,” Jacobs said.
The acquisition follows QXO’s recent $2.25 billion purchase of Kodiak Building Partners, further reinforcing its aggressive growth strategy. After closing the TopBuild deal, the company will employ approximately 28,000 workers and operate more than 1,150 locations across the U.S. and Canada.
Robert Buck, CEO of TopBuild, highlighted the benefits of combining capabilities.
“We’re excited to join QXO and combine our leadership in insulation installation and specialty distribution with QXO’s scale, technology, and procurement capabilities. Together, we’ll enhance customer service, unlock meaningful cross-selling opportunities, and drive continued growth and operating efficiency. I’m proud of our team’s track record, including a 10-year sales CAGR of 13% and adjusted EPS CAGR of 31%. Thank you to the entire TopBuild team for delivering these exceptional results,” Buck said.
Financially, the deal values TopBuild shares at $505 each, representing a premium of nearly 20% to its 60-day average price. The transaction will be structured with approximately 45% cash and 55% stock consideration.
QXO expects to generate about $300 million in synergies by 2030, driven by procurement efficiencies, logistics optimization, and cross-selling opportunities.
TopBuild reported approximately $6.2 billion in net sales in 2025 and has projected revenue growth to between $9 billion and $10 billion annually by 2030, supported by continued acquisitions and organic expansion.
Originally reported by QXO in Business Wire.
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