QXO to Acquire TopBuild for $17 Billion

QXO, Inc. announced on April 19, 2026, that it entered into a definitive agreement to acquire TopBuild Corp. for approximately $17 billion, expanding QXO’s presence in building products.

The transaction has been unanimously approved by the boards of directors of both companies and is subject to customary closing conditions, including approval by the shareholders of TopBuild and QXO. The acquisition is expected to close in the third quarter of 2026.

TopBuild is the largest distributor and installer of insulation and related building products in North America. QXO anticipates the acquisition will improve their positions in roofing, waterproofing, lumber-related building materials, and associated products with TopBuild’s insulation capabilities, creating a higher-margin business with increased offerings for customers.

On April 1, 2026, QXO completed its previously announced acquisition of Kodiak Building Partners, a leading distributor of lumber, trusses, and other building materials, for approximately $2.25 billion.

Brad Jacobs, Chairman and Chief Executive Officer of QXO, said: “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.”

Robert Buck, Chief Executive Officer of TopBuild, said: “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.” QR