QXO Completes Acquisition of TopBuild Corp. and Secures $3.0B in Financing

QXO, Inc. has completed its previously announced acquisition of TopBuild Corp. effective July 1, 2026. The transaction was funded through a combination of cash, newly issued stock, and debt financing, including a new $3.0 billion incremental term loan facility.

Key Details

• Transaction Value: QXO paid aggregate consideration of approximately $6.4 billion in cash and issued approximately 312.5 million shares of QXO common stock to former TopBuild shareholders.
• Financing: To fund the acquisition, QXO's subsidiary entered into an amendment to its credit agreement to incur a new $3.0 billion incremental term loan facility maturing in 2033. Proceeds were also used from a recent notes offering and cash on hand.
• Merger Consideration: TopBuild shareholders could elect cash ($505.00/share) or stock (20.200 QXO shares/share), subject to proration. Due to oversubscription for the cash election, these shares were converted into approximately $249.67 in cash and 10.212 QXO shares per TopBuild share.
• Management & Board Changes: In connection with the merger, Alec Covington was appointed to the Board of Directors, while Jared Kushner resigned effective July 1, 2026. Madeline Otero, formerly of TopBuild, was appointed as Interim Chief Accounting Officer.