QXO to Acquire TopBuild for $17 Billion

TopBuild Corp., a leading installer and distributor of insulation and building products, agreed late Sunday to be acquired by construction supplies distributor QXO Inc. in a $17 billion cash-and-stock transaction, sending TopBuild shares surging in early trading Monday in New York.

The deal values each TopBuild share at $505, a 23.1 percent premium to the company's closing price of $410.31 on Friday. Announced on April 19, 2026, the acquisition has unanimous approval from both companies' boards and is expected to close in the third quarter of 2026, pending shareholder and regulatory approvals. TopBuild shareholders can elect to receive $505 in cash or approximately 20.2 shares of QXO common stock per share, subject to proration to ensure the overall mix is about 45 percent cash and 55 percent stock.

Headquartered in Daytona Beach, Florida, TopBuild operates more than 450 branches across the United States and Canada, employing around 14,000 people. The company specializes in insulation installation, commercial roofing and specialty distribution, reporting $5.4 billion in sales and adjusted EBITDA exceeding $1 billion for 2025. It has expanded through acquisitions, including seven...