QXO completes acquisition of TopBuild

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 scale and capabilities across the building products value chain. QXO now holds leadership positions in key building product categories in North America:

• #1 in insulation
• #2 in roofing
• #1 in waterproofing
• #1 or #2 in the lumber and building materials sector, in key geographies served

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.

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.”

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’s common stock based on their elections and subject to proration and the other terms and conditions in the merger agreement.

TopBuild’s shares will stop trading on the New York Stock Exchange.

About QXO

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 QXO.com for more information.