QXO to Buy TopBuild in $17 Billion Deal
The acquisition will make QXO the second largest publicly traded building products distributor in North America.
QXO, Inc. (QXO) agreed to acquire TopBuild Corp. (BLD) for approximately $17 billion. The structure of the transaction was not specified.
The deal has been unanimously approved by the boards of directors of both companies. Closing is subject to customary conditions, including approval by the shareholders of both QXO and TopBuild. The companies expect the transaction to close in the third quarter of 2026.
QXO said the acquisition significantly expands its scale and capabilities across the building products value chain, combining its positions in roofing, waterproofing, and lumber-related materials with TopBuild's insulation capabilities. Brad Jacobs, Chairman and Chief Executive Officer of QXO, said, "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 added that the deal provides critical mass in the insulation sector and increases exposure to large, complex projects such as data centers.
TopBuild is the largest distributor and installer of insulation and related building products in North America. The company operates through installation services and specialty distribution segments across the United States and Canada. In the first quarter of 2026, TopBuild reported sales of $1.45 billion, a 17.2% increase driven by acquisitions.
The transaction follows a period of rapid expansion for QXO, which completed the acquisition of Kodiak Building Partners for approximately $2.25 billion on April 1, 2026. QXO has deployed more than $13 billion in acquisitions over the past 11 months, including the purchase of Beacon in 2025.
QXO expects the transaction to be immediately and substantially accretive to its earnings. Upon completion, the company will operate in an addressable market of more than $300 billion and hold leadership positions in several verticals, including the top spot in insulation and waterproofing and the second-largest position in roofing.