QXO (NYSE:QXO) has entered into a definitive agreement to acquire TopBuild (NYSE:BLD), North America’s largest distributor and installer of insulation and related building products, in a transaction valued at approximately $17 billion.
The deal represents the most ambitious move to date by QXO CEO Brad Jacobs, as he continues a rapid-fire consolidation strategy within the fragmented building materials sector.
Under the terms of the agreement, TopBuild shareholders are offered $505 per share, representing a 23.1% premium over the company's closing price of $410.31 on April 17, 2026.
Shareholders can choose to receive the consideration in either cash or QXO common shares at a ratio of 20.2 QXO shares per TopBuild share.
The payout is structured to ensure a mix of approximately 45% cash and 55% stock.
The acquisition will transform QXO into the second-largest publicly traded building products distributor in North America.
The combined entity is expected to generate more than $18 billion in annual revenue and over $2 billion in adjusted EBITDA.
The merger integrates QXO’s existing strengths in roofing, waterproofing, and lumber with TopBuild’s dominant position in the insulation market.
Following the close of the deal, QXO expects to rank first in the North American insulation and waterproofing markets and second in roofing.
The transaction has received unanimous approval from both companies' boards and is expected to close in the third quarter of 2026, subject to shareholder approval from both parties and standard regulatory clearances.