QXO Acquires TopBuild in $17 Billion Deal

QXO , a U.S. construction supplies distributor, said on Sunday, April 19, that it has signed a definitive agreement to acquire building products distributor and installer TopBuild for approximately $17 billion . The companies said the combination would make QXO the second-largest publicly traded building products distributor in North America . They also projected the merged business would generate over $18 billion in combined annual revenue.

Under the agreement, TopBuild shareholders will be able to choose between two forms of consideration for each TopBuild share. They may elect to receive $505 in cash or 20.2 shares of QXO common stock . The companies said the overall mix is expected to be structured at roughly 45% cash and 55% QXO common stock .

The cash option implies a premium to TopBuild’s recent market price. The companies said the $505 cash component represents a 23.1% premium compared with TopBuild’s closing price of $410.31 on the preceding Friday. Both companies said their boards unanimously approved the transaction.

QXO said it expects the acquisition to be “immediately and substantially accretive” to its earnings. The companies said the deal is targeted to close in the third quarter of 2026 . As with large transactions in the sector, the timeline leaves room for customary closing conditions, and the companies did not provide additional detail in the announcement beyond the expected closing window.

The agreement follows a series of recent moves by QXO. The company previously acquired Beacon Roofing Supply in 2025 , and it also acquired Kodiak Building Partners earlier in the current month. The companies framed the TopBuild transaction as part of a broader consolidation trend in the U.S. building products industry, which they said has been supported by demand for greater scale and more localized supply chains.

S. market, the deal adds to a wider pattern of consolidation among distributors and installers that serve construction and renovation activity. The companies’ positioning around scale and supply-chain localization highlights how procurement, logistics, and inventory management have become central competitive factors for building products distribution.

The announcement did not provide further financial breakdowns or additional operational targets beyond the combined revenue figure and the stated expectation of earnings accretion.