Overview
- Over the weekend, QXO said it will buy TopBuild for about $17 billion in cash and stock, valuing TopBuild at $505 a share, a 23% premium.
- TopBuild investors can choose $505 in cash or 20.2 QXO shares per share, with proration to keep the overall mix near 45% cash and 55% stock.
- Both boards approved the deal unanimously, and the companies target a Q3 2026 close pending shareholder and regulatory approvals.
- Financing includes a $3 billion term loan and up to $3 billion in bridge financing, and a $600 million reverse termination fee is in place.
- QXO expects more than $18 billion in combined revenue, over $2 billion in adjusted EBITDA, about $300 million in synergies by 2030, and a footprint of roughly 1,150 sites across all 50 states and seven Canadian provinces.