Greenwich, Conn., April 19, 2026, 14:39 EDT
- TopBuild holders have a choice: $505 in cash or 20.2 QXO shares per share, but the overall deal is structured for roughly 45% cash and 55% stock.
- QXO said joining forces would result in a company pulling in over $18 billion in revenue, positioning it as North America’s No. 2 publicly traded building-products distributor.
- With U.S. equity markets shut Sunday afternoon, investors have to wait until Monday for the first chance to react.
QXO announced Sunday it’s buying TopBuild, an insulation and commercial roofing specialist, in a deal valued at roughly $17 billion—cash and stock combined. That marks another big move for billionaire Brad Jacobs as he pushes deeper into building-products distribution. QXO expects the acquisition will boost earnings shortly after closing.
This is QXO’s largest play yet in a sector where consolidation has become the norm. After snapping up Beacon Roofing Supply in 2025, QXO wrapped its $2.25 billion deal for Kodiak Building Partners on April 1. The previous year, Home Depot edged it out for GMS. Bringing TopBuild into the fold would push QXO deeper into insulation and commercial roofing.
Timing is key here. Activity in U.S. building products has picked up, with firms looking for size, tweaking supply chains amid tariffs, and riding steady demand from homebuilding, renovations, repairs, and the commercial side. Jacobs pointed out QXO’s TopBuild deal brings access to bigger projects—think data centers—where, as he put it, “scale matters.” Reuters
TopBuild holders get a choice: $505 in cash or 20.2 QXO shares for each share owned, but the overall deal stays capped at roughly 45% cash, 55% stock. That $505 cash figure? It’s a 23.1% premium to TopBuild’s close at $410.31 on Friday. Both companies are aiming to wrap things up in the third quarter, if shareholders from both sides sign off.
QXO said the merger would create a company with over $18 billion in revenue, a workforce of roughly 28,000, and operations spanning 1,150 sites in every U.S. state plus seven provinces in Canada. The fleet? More than 10,000 vehicles. TopBuild, headquartered in Daytona Beach, Florida, stands as North America’s largest distributor and installer of insulation and related building supplies, currently operating out of over 450 sites in the U.S. and Canada.
Jacobs described TopBuild as his “most significant acquisition yet.” Over at TopBuild, Chief Executive Robert Buck pointed to “meaningful cross-selling opportunities” once QXO’s distribution network links up with TopBuild’s installation and specialty distribution operations. QXO Investors
TopBuild hasn’t slowed its acquisition spree. Back in February, management called M&A its main focus for capital deployment, and not long after, the company struck a deal to acquire Johnson Roofing—a Texas-based commercial roofer generating roughly $29 million a year in revenue. That followed last year’s pickup of SPI and Progressive Roofing.
But hurdles remain. QXO is eyeing roughly $300 million by 2030 through cross-selling, procurement, logistics, and inventory efficiencies—though those benefits are yet to materialize. TopBuild, for its part, has already flagged that its 2026 guidance factors in persistent uncertainty around residential new construction.
