QXO Completes $17 Billion Acquisition of TopBuild
The deal unites North America’s largest insulation installer with QXO’s roofing and lumber distribution network, creating a $18 billion building-products giant.
**QXO, Inc. (QXO) completed its acquisition of TopBuild Corp. (BLD) on June 29, 2026, in a $17 billion transaction that unites two of the largest players in North America’s building-products distribution industry**. The deal, which received overwhelming shareholder approval, positions QXO as the second-largest publicly traded distributor in the sector, with combined annual revenue exceeding $18 billion and adjusted EBITDA of more than $2 billion. The transaction closed on July 1, 2026, following the satisfaction of customary conditions.
Stockholders of both companies approved the merger at special meetings held on June 29. Approximately 99% of votes cast at QXO’s meeting supported the issuance of shares tied to the deal, while 78% of TopBuild’s votes—representing 65% of outstanding shares—backed the merger agreement. The structure of the transaction was not disclosed in the filings.
QXO framed the acquisition as a transformative step in its strategy to dominate the $800 billion building-products distribution market through technology-enabled scale and accretive deals. The combined company will hold leadership positions in key verticals, including insulation, roofing, waterproofing, and lumber, with a total addressable market exceeding $300 billion. Brad Jacobs, QXO’s chairman and CEO, called TopBuild "our most significant acquisition yet," noting that the deal builds on $13 billion of prior transactions, including the 2025 purchase of Beacon Roofing Supply and the April 2026 acquisition of Kodiak Building Partners.
TopBuild, North America’s largest distributor and installer of insulation and related building products, operates more than 450 locations across the U.S. and Canada. The company serves residential, commercial, and industrial markets, providing insulation for walls, attics, and roofing assemblies, as well as complementary products like gutters, fireproofing, and mechanical insulation. In the first quarter of 2026, TopBuild reported $1.45 billion in sales, a 17.2% increase driven by acquisitions, including SPI and Progressive Roofing. The company’s insulation installation and specialty distribution segments generated $777 million and $737 million in revenue, respectively, with M&A contributing 24.3% of total sales growth. TopBuild’s management had previously guided to $9 billion to $10 billion in annual revenue and $1.7 billion to $2.0 billion in adjusted EBITDA by 2030, supported by a $90 billion addressable market.
The deal follows a wave of consolidation in the building-products sector, where QXO has been an active acquirer. In April 2026, the company closed its $2.25 billion purchase of Kodiak Building Partners, a leading distributor of lumber and trusses. The TopBuild transaction is expected to be immediately and substantially accretive to QXO’s earnings, with the company targeting $300 million in synergies by 2030. These include revenue synergies from cross-selling integrated solutions and cost efficiencies in procurement, logistics, and technology. The purchase price represents 14.9 times TopBuild’s 2025 adjusted EBITDA before synergies and 11.8 times after accounting for expected cost savings.
With the acquisition now complete, QXO will integrate TopBuild’s operations into its existing network of approximately 700 branches and 13,000 employees. The combined company will employ roughly 28,000 workers across 1,150 locations. QXO has stated its ambition to reach $50 billion in annual revenue within the next decade through a mix of organic growth and further acquisitions. The deal also expands QXO’s exposure to high-growth segments like data centers, where insulation and roofing demand is rising.