QXO Strikes $17 Billion Deal to Acquire Building Products Distributor and Installer TopBuild
April 20: The deal will make QXO the second-largest publicly traded building products distributor in North America, with more than $18 billion of combined company revenue.
Deal Structure
| Component | Details |
|---|---|
| Total deal value | $17 billion |
| Cash per TopBuild share | $505 (23.1% premium to Friday's close) |
| Stock per TopBuild share | 20.2 shares of QXO common stock |
| Payment mix | ~45% cash, ~55% stock |
| QXO market cap | ~$18.08 billion |
| TopBuild market cap | ~$11.54 billion |
| Expected closing | Q3 2026 |
Board Approval
The deal has been unanimously approved by the boards of both companies and is expected to be immediately and substantially accretive to QXO's earnings.
CEO Statement
Brad Jacobs, Chairman and CEO 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. The TopBuild transaction will also give us critical mass in the insulation sector and expand our exposure to large, complex projects like data centers, where scale matters."
Post-Acquisition Scale
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Employees: ~28,000
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Locations: 1,150 across all 50 U.S. states and 7 Canadian provinces
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Fleet size: More than 10,000 vehicles
Recent Acquisitions by QXO
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Beacon Roofing Supply: $11 billion (2025)
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Kodiak Building Partners: $2.25 billion (announced February)
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Financing: $1.8 billion led by Apollo Global Management and Temasek (after raising $1.2 billion previously)
Board Member
QXO counts U.S. President Donald Trump's son-in-law Jared Kushner as a board member.