QXO Inc. has agreed to acquire TopBuild Corp. in a transaction valued at approximately $17 billion, marking a significant expansion of QXO’s scale across the building products value chain.
The deal is expected to close in the third quarter of 2026, subject to shareholder approvals and customary conditions. TopBuild Corp. (NYSE: BLD) is the largest distributor and installer of insulation and related building products in North America, generating approximately $6.2 billion in net sales and $1.14 billion in adjusted Ebitda in 2025. The company operates across a broad footprint and serves residential and commercial construction markets, with particular strength in large-scale, complex projects. The combination with QXO (NYSE: QXO) is expected to enhance service offerings by integrating insulation with complementary building materials such as roofing, waterproofing and lumber products.
Advisory roles in the transaction include Morgan Stanley as lead financial advisor to QXO, alongside Barclays and Wells Fargo Securities, with Paul, Weiss, Rifkind, Wharton & Garrison as legal counsel. Goldman Sachs and RBC Capital Markets advised TopBuild, with Jones Day serving as legal counsel.