TopBuild Corp Acquired for $17 Billion

By Chris Stiles • Monday, April 20 16:16 • Permanent Link

QXO said it will buy TopBuild for about $17 billion, a deal that would lift the combined company to more than $18 billion in revenue and more than $2 billion in adjusted EBITDA. The transaction values TopBuild at $505 a share, a 19.8% premium to its 60-day volume-weighted average price and a 23.1% premium to its April 17 closing price.

TopBuild generated about $6.2 billion in net sales in 2025 and about $1.14 billion in adjusted EBITDA, while QXO said it expects about $300 million in synergies from the deal by 2030. The purchase price equals 14.9 times TopBuild’s 2025 adjusted EBITDA before synergies and 11.8 times after synergies.

QXO said the combined company would become the second-largest publicly traded building products distributor in North America. After closing, it expects to have about 28,000 employees, 1,150 locations across all 50 U.S. states and seven Canadian provinces, and a fleet of more than 10,000 vehicles.

The deal comes shortly after QXO completed its $2.25 billion acquisition of Kodiak Building Partners on April 1, 2026. QXO said that over the past 11 months it has completed more than $13 billion of acquisitions, including Beacon in 2025 and Kodiak this month.

TopBuild’s management said it is targeting $9 billion to $10 billion in annual revenue and $1.7 billion to $2.0 billion in annual adjusted EBITDA by 2030, up from the roughly $6.2 billion and $1.14 billion it reported for 2025. It also guided to cumulative free cash flow of $4.2 billion to $5.0 billion from 2026 through 2030. Today the company's shares have moved -4.54% to a price of $347.81. If you want to know more, read the company's complete 8-K report here.

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