QXO to acquire TopBuild for $17B; creates 2nd largest public building products distributor

TopBuild Corp

Per-share consideration: $505 cash or 20.20 QXO shares, subject to proration (45% cash/55% stock max).
Combined company revenue >$18B, adjusted EBITDA >$2B; deal expected to close Q3 2026.
Termination fee of $600M payable under specified circumstances; boards of both companies unanimously approved.
QXO will gain #1 insulation position and expand into large-project verticals like data centers.
QXO completed Kodiak acquisition ($2.25B) on April 1, 2026; TopBuild deal follows $13B total M&A in 11 months.

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