QXO Completes $17 Billion TopBuild Acquisition in Mixed Deal
The transaction expands QXO’s scale across the building products value chain and advances its goal of $50 billion in revenue by 2030.
**QXO, Inc. (QXO) completed its acquisition of TopBuild Corp. (BLD) on July 1, 2026, in a transaction valued at approximately $17 billion, combining cash and stock consideration**. The deal, structured as a mixed offer, positions QXO as the second-largest publicly traded building products distributor in North America, with a combined revenue base exceeding $18 billion and adjusted EBITDA of more than $2 billion.
Under the terms of the merger agreement, TopBuild shareholders received $505 in cash or 20.2 shares of QXO common stock for each TopBuild share held, subject to proration. The consideration was designed to deliver approximately 45% in cash and 55% in QXO shares, though the final mix reflected shareholder elections, with roughly 91% of TopBuild shares opting for cash. The $505 per-share valuation represented a 19.8% premium to TopBuild’s 60-day volume-weighted average price and a 23.1% premium to its closing price on April 17, 2026.
The acquisition advances QXO’s strategy to build a world-class company with $50 billion in revenue by 2030, the company said. Brad Jacobs, Chairman and Chief Executive Officer of QXO, called the deal a transformative step, stating, *“By acquiring TopBuild, we’re broadening our product offering, adding installation capabilities, and expanding our exposure to fast-growing end markets like data centers. By 2030, we expect to generate at least $300 million in annual synergies largely from procurement, pricing, and cross-selling, while applying TopBuild’s operational excellence across QXO”*.
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 and mechanical insulation. With an industry-leading adjusted EBITDA margin of approximately 18%, TopBuild generated $6.2 billion in net sales and $1.14 billion in adjusted EBITDA in 2025. QXO plans to replicate TopBuild’s operational best practices, including its “special OPS” teams, to drive efficiency and customer service improvements across its broader platform.
The transaction follows QXO’s $2.25 billion acquisition of Kodiak Building Partners in April 2026, part of a broader consolidation push in the building products sector. Upon closing, the combined company will hold leadership positions in key verticals, including insulation, roofing, and waterproofing, with a total addressable market exceeding $300 billion. The deal also expands QXO’s footprint to 1,150 locations and 28,000 employees across North America.
The acquisition was overwhelmingly approved by shareholders of both companies, with 99% of QXO votes and 78% of TopBuild votes cast in favor. Financing for the deal included $3 billion in incremental term loans and $1.5 billion each in senior unsecured notes due 2031 and 2034, alongside an asset-based revolving credit facility with up to $2 billion in borrowing capacity. The combined company’s balance sheet will support continued growth, with QXO targeting $300 million in annual synergies from procurement, pricing, and cross-selling initiatives.