---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-24-005416"
form_type: "8-K"
ticker: "BLD"
cik: "0001633931"
company_name: "TopBuild Corp"
filed_at: "2024-04-22T23:59:59+00:00"
generated_at: "2026-06-03T14:02:10.819030+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001558370-24-005416
- form_type: 8-K
- ticker: BLD
- cik: 0001633931
- company_name: TopBuild Corp
- filed_at: 2024-04-22T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1633931/000155837024005416/0001558370-24-005416-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1633931/000155837024005416/bld-20240422x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-24-005416
- JSON: https://secwatch.observer/filing/0001558370-24-005416.json
- Plain text: https://secwatch.observer/filing/0001558370-24-005416.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.