secwatch.observer — SEC 8-K summary
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Issuer:     TopBuild Corp (BLD)
CIK:        0001633931
Form:       8-K
Filed at:   2026-04-20T23:59:59+00:00
Accession:  0001104659-26-045245
Event type: m_and_a
Sentiment:  positive
Materiality: 0.95
Item codes: 1.01, 8.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1633931/000110465926045245/0001104659-26-045245-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1633931/000110465926045245/bld-20260418x8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-045245

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer