
Deal Expected to Be Substantially Accretive to QXO’s Earnings


QXO, Inc. (NYSE:QXO) today announced it has closed its previously disclosed acquisition of TopBuild Corp. The transaction significantly expands QXO’s

<p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
<i xmlns="http://www.w3.org/1999/xhtml">Deal Expected to Be Substantially Accretive to QXO’s Earnings</i>

</p><p xmlns="http://www.w3.org/1999/xhtml">
QXO, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/QXO">QXO</a>) today announced it has closed its previously disclosed acquisition of TopBuild Corp. The transaction significantly expands QXO’s scale and capabilities across the building products value chain. QXO now holds leadership positions in key building product categories in North America:

</p><ul xmlns="http://www.w3.org/1999/xhtml" class="bwlistdisc">
<li xmlns="http://www.w3.org/1999/xhtml">
#1 in insulation

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
#2 in roofing

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
#1 in waterproofing

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
#1 or #2 in the lumber and building materials sector, in key geographies served

</li>
</ul><p xmlns="http://www.w3.org/1999/xhtml">
The company also announced that Alec Covington, TopBuild’s former Chairman, joined QXO’s Board of Directors, effective immediately. Mr. Covington replaces Jared Kushner, who has resigned from the Board of Directors to focus on other commitments.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Brad Jacobs, Chairman and Chief Executive Officer of QXO, said, "By acquiring TopBuild, we’re broadening our product offering, adding installation capabilities, and expanding our exposure to fast-growing end markets like data centers. By 2030, we expect to generate at least $300 million in annual synergies largely from procurement, pricing, and cross-selling, while applying TopBuild’s operational excellence across QXO. The transaction is expected to be highly accretive to earnings and advance our plan to build a world-class company with $50 billion in revenue. I’m grateful to Jared for his significant contributions to the company, and I’m pleased to welcome Alec to the Board."

</p><p xmlns="http://www.w3.org/1999/xhtml">
Under the terms of the merger agreement, former TopBuild shareholders will receive shares of QXO’s common stock or a combination of both cash and shares of QXO&#39;s common stock based on their elections and subject to proration and the other terms and conditions in the merger agreement.

</p><p xmlns="http://www.w3.org/1999/xhtml">
TopBuild&#39;s shares will stop trading on the New York Stock Exchange.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Advisors</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Morgan Stanley &amp; Co. LLC acted as lead financial advisor to QXO, and Barclays and Wells Fargo Securities acted as additional financial advisors to QXO. Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP acted as legal counsel to QXO.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About QXO</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
QXO is North America’s largest distributor and installer of insulation; second-largest distributor of roofing products; second-largest publicly traded distributor of lumber and building materials; and largest distributor of waterproofing products. QXO is the fastest growing company in the $800 billion building products distribution industry and plans to become the tech-enabled leader by delivering best-in-class customer satisfaction and outsized returns for its shareholders. The company is targeting $50 billion in annual revenue within the next decade through accretive acquisitions and organic growth. Visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.qxo.com%2F&amp;esheet=54563101&amp;newsitemid=20260630984672&amp;lan=en-US&amp;anchor=QXO.com&amp;index=1&amp;md5=c7e23ab120a400ffce9aa3299835b475" shape="rect">QXO.com</a> for more information.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Cautionary Statement Regarding Forward-Looking Information</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
This communication contains forward-looking statements. Statements that are not historical facts, including statements about beliefs, expectations, targets or goals, the anticipated benefits of the acquisition and expected future financial position and results of operations, are forward-looking statements. These statements are based on plans, estimates, expectations and/or goals at the time the statements are made, and readers should not place undue reliance on them. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as "may," "will," "should," "expect," "opportunity," "intend," "plan," "anticipate," "believe," "estimate," "predict," "potential," "target," "goal," or "continue," or the negative of these terms or other comparable terms. Forward-looking statements involve inherent risks and uncertainties and readers are cautioned that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statements. Factors that could cause actual results to differ materially from those described herein include, among others: (i) the risk that the anticipated benefits of the acquisition may not be fully realized or may take longer to realize than expected; (ii) the effect of the acquisition on QXO’s business relationships with employees, customers or suppliers, operating results and business generally; (iii) unexpected costs, charges or expenses resulting from the acquisition; (iv) potential litigation and/or regulatory action relating to the acquisition; (v) the impact of legislative, regulatory, economic, competitive and technological changes; (vi) unknown liabilities and uncertainties regarding general economic, business, competitive, legal, regulatory, tax and geopolitical conditions; and (vii) those risks and uncertainties set forth in QXO’s and TopBuild’s filings with the Securities and Exchange Commission (the "SEC"), including each company’s Annual Report on Form 10-K for the year ended December 31, 2025 and any subsequent Quarterly Reports on Form 10-Q. Forward-looking statements should not be relied on as predictions of future events, and these statements are not guarantees of performance or results. Forward-looking statements herein speak only as of the date each statement is made. QXO does not undertake any obligation to update any of these statements in light of new information or future events, except to the extent required by applicable law.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260630984672r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260630984672/en/" rel="nofollow">https://www.businesswire.com/news/home/20260630984672/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">QXO Contacts:</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">M</b><b xmlns="http://www.w3.org/1999/xhtml">edia 
</b><br xmlns="http://www.w3.org/1999/xhtml"></br>Joe Checkler
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:joe.checkler@qxo.com" shape="rect">joe.checkler@qxo.com 
</a><br xmlns="http://www.w3.org/1999/xhtml"></br>203-609-9650

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Investors 
</b><br xmlns="http://www.w3.org/1999/xhtml"></br>Mark Manduca
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:mark.manduca@qxo.com" shape="rect">mark.manduca@qxo.com 
</a><br xmlns="http://www.w3.org/1999/xhtml"></br>203-321-3889

</p>

QXO Completes Acquisition of TopBuild

QXO's TopBuild Acquisition Targets $300M Synergies by 2030, Expands NA Leadership

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>Deal Expected to Be Substantially Accretive to QXO’s Earnings


QXO, Inc. (NYSE:QXO) today announced it has closed its previously disclosed acquisition of TopBuild Corp. The transaction significantly expands QXO’s</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>QXO announced the close of its TopBuild acquisition, expanding insulation, roofing, and waterproofing leadership in North America. Alec Covington joined QXO&#039;s board, while Jared Kushner resigned. The deal targets at least $300 million in annual synergies by 2030 and $50 billion in revenue, signaling material earnings accretion and stronger growth visibility.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>QXO closes TopBuild acquisition, expanding insulation, roofing, waterproofing leadership in NA.</li><li>Alec Covington joins QXO board; Jared Kushner resigns from the board.</li><li>Expect at least $300 million in annual synergies by 2030; revenue target of $50 billion.</li><li>TopBuild shareholders receive QXO stock or cash/stock; TopBuild delisted from NYSE.</li><li>Deal emphasizes data-center exposure and cross-selling opportunities across a larger platform.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>QXO, Inc. (QXO)</strong>: Acquisition driver; aims for large-scale, tech-enabled growth and earnings accretion.</li><li><strong>TopBuild Corp. (BLD)</strong>: Acquired by QXO; delisting; shareholders receive stock or cash/stock.</li><li><strong>Morgan Stanley &amp; Co. LLC (MS)</strong>: Lead financial advisor to QXO; signals strong deal mandate and financing potential.</li><li><strong>Barclays PLC (BCS)</strong>: Advisor to QXO; confirms wide-dealer engagement for the transaction.</li><li><strong>Wells Fargo Securities (WFC)</strong>: Advisor to QXO; supports deal execution and integration planning.</li></ul>
  </section>

  <section data-block="category">
    <h3>M&amp;A</h3>
    <p>Category: M&amp;A. The core driver is a transformative acquisition that reshapes market leadership in building products, with multi-year synergies and revenue growth embedded in the plan, suggesting durable strategic value beyond near-term earnings.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Close of the acquisition could trigger near-term dilution due to stock-based consideration.</li><li>Projected $300 million-plus annual synergies by 2030 underpin earnings trajectory.</li><li>Expanded data-center exposure may elevate growth optionality and multiple expansion.</li><li>Board changes (Kushner out, Covington in) could influence strategic priority.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Acquisition closed; TopBuild shareholders will receive QXO stock or a cash/stock mix.</li><li>TopBuild will be delisted from the NYSE.</li><li>QXO targets at least $300 million in annual synergies by 2030.</li><li>QXO aims for $50 billion in revenue within the next decade.</li><li>Alec Covington joins QXO board; Jared Kushner resigns.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Bullish over the next 12–24 months on earnings accretion from the acquisition.</p>
  </section>
</section>


<p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
<i xmlns="http://www.w3.org/1999/xhtml">Deal Expected to Be Substantially Accretive to QXO’s Earnings</i>

</p><p xmlns="http://www.w3.org/1999/xhtml">
QXO, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/QXO">QXO</a>) today announced it has closed its previously disclosed acquisition of TopBuild Corp. The transaction significantly expands QXO’s scale and capabilities across the building products value chain. QXO now holds leadership positions in key building product categories in North America:

</p><ul xmlns="http://www.w3.org/1999/xhtml" class="bwlistdisc">
<li xmlns="http://www.w3.org/1999/xhtml">
#1 in insulation

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
#2 in roofing

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
#1 in waterproofing

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
#1 or #2 in the lumber and building materials sector, in key geographies served

</li>
</ul><p xmlns="http://www.w3.org/1999/xhtml">
The company also announced that Alec Covington, TopBuild’s former Chairman, joined QXO’s Board of Directors, effective immediately. Mr. Covington replaces Jared Kushner, who has resigned from the Board of Directors to focus on other commitments.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Brad Jacobs, Chairman and Chief Executive Officer of QXO, said, "By acquiring TopBuild, we’re broadening our product offering, adding installation capabilities, and expanding our exposure to fast-growing end markets like data centers. By 2030, we expect to generate at least $300 million in annual synergies largely from procurement, pricing, and cross-selling, while applying TopBuild’s operational excellence across QXO. The transaction is expected to be highly accretive to earnings and advance our plan to build a world-class company with $50 billion in revenue. I’m grateful to Jared for his significant contributions to the company, and I’m pleased to welcome Alec to the Board."

</p><p xmlns="http://www.w3.org/1999/xhtml">
Under the terms of the merger agreement, former TopBuild shareholders will receive shares of QXO’s common stock or a combination of both cash and shares of QXO&#39;s common stock based on their elections and subject to proration and the other terms and conditions in the merger agreement.

</p><p xmlns="http://www.w3.org/1999/xhtml">
TopBuild&#39;s shares will stop trading on the New York Stock Exchange.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Advisors</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Morgan Stanley &amp; Co. LLC acted as lead financial advisor to QXO, and Barclays and Wells Fargo Securities acted as additional financial advisors to QXO. Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP acted as legal counsel to QXO.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About QXO</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
QXO is North America’s largest distributor and installer of insulation; second-largest distributor of roofing products; second-largest publicly traded distributor of lumber and building materials; and largest distributor of waterproofing products. QXO is the fastest growing company in the $800 billion building products distribution industry and plans to become the tech-enabled leader by delivering best-in-class customer satisfaction and outsized returns for its shareholders. The company is targeting $50 billion in annual revenue within the next decade through accretive acquisitions and organic growth. Visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.qxo.com%2F&amp;esheet=54563101&amp;newsitemid=20260630984672&amp;lan=en-US&amp;anchor=QXO.com&amp;index=1&amp;md5=c7e23ab120a400ffce9aa3299835b475" shape="rect">QXO.com</a> for more information.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Cautionary Statement Regarding Forward-Looking Information</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
This communication contains forward-looking statements. Statements that are not historical facts, including statements about beliefs, expectations, targets or goals, the anticipated benefits of the acquisition and expected future financial position and results of operations, are forward-looking statements. These statements are based on plans, estimates, expectations and/or goals at the time the statements are made, and readers should not place undue reliance on them. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as "may," "will," "should," "expect," "opportunity," "intend," "plan," "anticipate," "believe," "estimate," "predict," "potential," "target," "goal," or "continue," or the negative of these terms or other comparable terms. Forward-looking statements involve inherent risks and uncertainties and readers are cautioned that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statements. Factors that could cause actual results to differ materially from those described herein include, among others: (i) the risk that the anticipated benefits of the acquisition may not be fully realized or may take longer to realize than expected; (ii) the effect of the acquisition on QXO’s business relationships with employees, customers or suppliers, operating results and business generally; (iii) unexpected costs, charges or expenses resulting from the acquisition; (iv) potential litigation and/or regulatory action relating to the acquisition; (v) the impact of legislative, regulatory, economic, competitive and technological changes; (vi) unknown liabilities and uncertainties regarding general economic, business, competitive, legal, regulatory, tax and geopolitical conditions; and (vii) those risks and uncertainties set forth in QXO’s and TopBuild’s filings with the Securities and Exchange Commission (the "SEC"), including each company’s Annual Report on Form 10-K for the year ended December 31, 2025 and any subsequent Quarterly Reports on Form 10-Q. Forward-looking statements should not be relied on as predictions of future events, and these statements are not guarantees of performance or results. Forward-looking statements herein speak only as of the date each statement is made. QXO does not undertake any obligation to update any of these statements in light of new information or future events, except to the extent required by applicable law.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260630984672r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260630984672/en/" rel="nofollow">https://www.businesswire.com/news/home/20260630984672/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">QXO Contacts:</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">M</b><b xmlns="http://www.w3.org/1999/xhtml">edia 
</b><br xmlns="http://www.w3.org/1999/xhtml"></br>Joe Checkler
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:joe.checkler@qxo.com" shape="rect">joe.checkler@qxo.com 
</a><br xmlns="http://www.w3.org/1999/xhtml"></br>203-609-9650

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Investors 
</b><br xmlns="http://www.w3.org/1999/xhtml"></br>Mark Manduca
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:mark.manduca@qxo.com" shape="rect">mark.manduca@qxo.com 
</a><br xmlns="http://www.w3.org/1999/xhtml"></br>203-321-3889

</p>

QXO announced the close of its TopBuild acquisition, expanding insulation, roofing, and waterproofing leadership in North America. Alec Covington joined QXO's board, while Jared Kushner resigned. The deal targets at least $300 million in annual synergies by 2030 and $50 billion in revenue, signaling material earnings accretion and stronger growth visibility.

QXO Completes Acquisition of TopBuild

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

M&A

Related News