QXO to Acquire TopBuild for Approximately $17B

QXO has completed the acquisition of TopBuild, a industrial distribution business in North America, for approximately $17 billion. TopBuild is the largest distributor and installer of insulation and related building products, strengthening QXO’s building products value chain across insulation, roofing, waterproofing, and lumber-related materials. QXO acquisitions are focused on building a higher-margin, value-added distribution and installation platform, and the TopBuild acquisition expands QXO’s insulation capabilities and customer offerings. This platform acquisition is part of industrials M&A by a public company, following QXO acquisitions of Beacon and Kodiak, with boards unanimously approving and customary closing conditions including shareholder approval. The deal is expected to close in Q3 2026, subject to regulatory and other conditions, and is positioned to make QXO the second largest publicly traded building products distributor in North America.