Greenwich-based QXO, the fast-moving building-products roll-up led by serial dealmaker Brad Jacobs, has struck a $17 billion agreement to buy Daytona Beach insulation and commercial roofing heavyweight TopBuild Corp. The blockbuster deal tightens control in a sector where sheer size in distribution and installation can make or break margins for contractors and suppliers.
According to Reuters, QXO has entered into a definitive agreement to acquire TopBuild for about $17 billion. The companies confirmed the arrangement in a joint announcement carried on Business Wire, adding that they plan to file a joint registration statement and related proxy materials with the SEC as part of the process.
TopBuild by the numbers
TopBuild, headquartered in Daytona Beach, reported about $5.4 billion in sales and more than $1 billion in adjusted EBITDA for 2025, and employs roughly 14,000 people across its installation and specialty distribution businesses, according to a filing with the SEC. In recent years, the company has pushed deeper into commercial roofing and specialty services through a string of acquisitions that executives say have broadened and diversified its revenue mix.
QXO's acquisition push
QXO has been busy stitching together a national platform. It closed an $11 billion purchase of Beacon Roofing Supply in April 2025, and in January, it announced an upsized preferred equity placement that lifted its committed capital to $3 billion to help fuel additional deals, according to QXO. Investors, including Apollo and Temasek, have been described as viewing that financing as firepower for an aggressive acquisition agenda.
Regulatory and shareholder steps
The two companies say the TopBuild transaction will be outlined in a joint registration statement on Form S 4 filed with the SEC and will be subject to the usual closing conditions, including shareholder approval and regulatory review, according to Business Wire. In plain English, that means the finish line is still a ways off, and timing will depend on how quickly regulators sign off and when TopBuild shareholders cast their votes.
What it could mean for customers and contractors
If the deal closes, the combined company would have serious heft in both buying power and distribution reach for TopBuild’s insulation and specialty products. That scale could nudge how materials are sourced, priced, and delivered to contractors, especially in markets where both companies already have a footprint. For now, neither side is talking about branch consolidations, job cuts, or other integration details, so local impacts will not be clear until those plans are rolled out.
Next steps
Both firms say they will file detailed disclosure and proxy materials in the coming weeks and update investors as further financial terms are laid out. We will be watching the filings and regulatory notices as the transaction works its way through the approval pipeline.
