TopBuild terminates SPI acquisition; pays $23M fee, cites DOJ MBI stance

TopBuild Corp

Mutual termination of deal to acquire Specialty Products and Insulation, effective April 22, 2024.
TopBuild paid a termination fee of $23 million under the purchase agreement.
Company terminated the associated $550M delayed draw term loan facility; other credit terms remain.
CEO Buck says parties couldn't agree on terms that satisfy DOJ's narrow view of metal building insulation.
TopBuild reaffirms >$18B TAM with intent to stay active on M&A and organic growth.

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