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QXO to Buy TopBuild in $17 Billion Building Products Deal
Brad Jacobs-Led QXO Is Now the Second-Largest Publicly Traded Building Products Distributor in North America
QXO Inc. said it’s acquiring insulation company TopBuild Corp. for about $17 billion, making QXO the second-largest publicly traded building products distributor in North America.
QXO’s offer values TopBuild at $505 per share, a 23% premium to the stock’s closing price of $410.31 on April 17. QXO plans to pay up to a cap of 45% of the aggregate transaction value in cash and offer up to 20.2 shares of its common stock for the remainder.
The transaction, which is expected to close in the third quarter of 2026, would follow QXO’s acquisitions of Beacon Roofing Supply Inc. in 2025 and Kodiak Building Partners this year.
Beacon was QXO’s first acquisition, marking CEO Brad Jacobs’ first step in a plan to turn QXO into a $50 billion-revenue company within a decade. It also tried to buy GMS Inc., which 91Ƶ Depot Inc. acquired.
Greenwich, Conn.-based QXO has been on a fundraising spree to boost acquisitions. In January, the company said it’s raising another $1.8 billion from investors includingApollo Global Management Inc.andTemasek Holdings Pte.
QXO said in a statement it expects the combination of distribution of its products including roofing, waterproofing and lumber-related building materials with TopBuild’s insulation business to create a “higher-margin business with expansive value-added offerings for customers.”
Exciting news! Read more: — QXO (@QXOInc)
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 in the statement.
After the acquisition, QXO will have some 28,000 employees and 1,150 locations across the U.S. and Canada. The company said it will also be the No. 1 North American leader in insulation as well as water proofing while it would No. 2 in roofing once the deal is completed.
Morgan Stanley & Co. advised QXO along with Barclays and Wells Fargo while Goldman Sachs & Co. and Royal Bank of Canada advised TopBuild. Paul, Weiss, Rifkind, Wharton & Garrison was QXO’s legal adviser and Jones Day worked with TopBuild.
QXO ranks No. 70 on theTransport Topics Top 100 list of the largest private carriersin North America.
