QXO Completes Acquisition of TopBuild Corp.

QXO, Inc. and TopBuild Corp. recently announced that stockholders of both companies overwhelmingly approved all proposals required for QXO to complete its acquisition of TopBuild at the companies’ respective Special Meetings.

Approximately 99% of the votes cast at QXO’s Special Meeting were in favor of approving the issuance of shares of QXO common stock in connection with the transaction. Approximately 78% of the votes cast at TopBuild’s Special Meeting were cast in favor of adopting the merger agreement, representing approximately 65% of all outstanding shares.

The transaction closed on July 1, 2026. The company also announced that Alec Covington, TopBuild’s former chairman, joined QXO’s board of directors, effective immediately. Covington replaces Jared Kushner, who has resigned from the board of directors to focus on other commitments.

“By acquiring TopBuild, we’re broadening our product offering, adding installation capabilities and expanding our exposure to fast-growing end markets like data centers,” says Brad Jacobs, chairman and chief executive officer of QXO. “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.