QXO to Acquire TopBuild for $17 Billion, Becoming No. 2 Distributor in North America

By Chris Stiles • Monday, April 20 16:23 • Permanent Link

QXO is buying TopBuild for about $17 billion in a deal that would reshape the building-products distribution market and push QXO into the No. 2 spot among publicly traded distributors in North America.

The transaction values each TopBuild share at $505, a 19.8% premium to TopBuild’s 60-day volume-weighted average price and a 23.1% premium to its April 17 closing price. The deal is structured to be paid about 45% in cash and 55% in QXO stock, with cash proceeds capped at 45% of total consideration.

TopBuild generated about $6.2 billion in net sales and about $1.14 billion in adjusted EBITDA in 2025, after reflecting the full-year contribution of acquisitions completed during the year. On that basis, the purchase price equals 14.9 times TopBuild’s 2025 adjusted EBITDA before expected synergies and 11.8 times after them.

QXO said the combined company will have more than $18 billion in revenue and more than $2 billion in adjusted EBITDA. It also expects about $300 million in synergies by 2030 from cross-selling, procurement, network optimization, logistics efficiencies, inventory management, and technology.

TopBuild’s management has guided to $9 billion to $10 billion in annual revenue and $1.7 billion to $2.0 billion in annual adjusted EBITDA by 2030, with cumulative free cash flow of $4.2 billion to $5.0 billion from 2026 through 2030.

QXO said the combined business will 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 follows QXO’s April 1 acquisition of Kodiak Building Partners for about $2.25 billion. Over the past 11 months, QXO said it has completed more than $13 billion of acquisitions, including Beacon in 2025 and Kodiak earlier this month.

After closing, QXO said it will hold leading positions in insulation, roofing, waterproofing, and lumber and building materials in key geographies. The company said the acquisition is expected to close in the third quarter of 2026. The market has reacted to these announcements by moving the company's shares -3.91% to a price of $19.66. For more information, read the company's full 8-K submission here.

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