Less than a year after launching its acquisition strategy, QXO has announced its largest deal to date. On April 19, the company said it would acquire TopBuild Corp. for approximately $17 billion, a transaction that would make QXO the second-largest publicly traded building products distributor in North America, according to the company.
The QXO TopBuild acquisition is expected to create a combined business with more than $18 billion in annual revenue and over $2 billion in adjusted EBITDA. Both companies said their boards have unanimously approved the agreement. The transaction remains subject to shareholder approval and customary regulatory clearances, with closing expected in the third quarter of 2026.
The deal marks another major step in QXO’s strategy of expanding through acquisitions in the building products sector.
Deal Terms for Shareholders
Under the agreement, QXO acquires TopBuild for $17 billion through a combination of cash and stock. TopBuild shareholders can elect to receive $505 in cash or 20.2 shares of QXO common stock for each share they own, subject to proration.
QXO said the total consideration will be approximately 45% cash and 55% stock. The $505 cash option represents a 23.1% premium to TopBuild’s closing share price on April 17, 2026.
Why TopBuild Matters
TopBuild is the largest distributor and installer of insulation and related building products in North America. The company serves both residential and commercial construction markets across the United States and Canada.
For QXO, the acquisition would expand its position in specialty products linked to housing, renovation, commercial development, and infrastructure projects. It would also broaden QXO’s customer base and operating network.
QXO Expansion Strategy Continues
The QXO latest acquisition news follows another recent transaction. On April 1, QXO completed its previously announced acquisition of Kodiak Building Partners for approximately $2.25 billion.
With TopBuild included, QXO said the combined company would have around 28,000 employees, about 1,150 locations across all 50 US states and seven Canadian provinces, and a fleet of more than 10,000 vehicles. QXO chairman and chief executive Brad Jacobs said TopBuild would be the company’s most significant acquisition to date and would increase exposure to construction segments, including data centers.
What Happens Next
The QXO TopBuild acquisition now moves to the next phase, with shareholder votes and regulatory approvals still pending. If completed on schedule, the transaction would significantly expand QXO’s scale in North American building products distribution. With QXO acquires TopBuild for $17 billion now formally announced, investors will watch the approval process and integration plans through 2026.
