TopBuild operates TruTeam, a national insulation installation contractor, and Service Partners, a distributor serving third-party insulation installers. The deal gives QXO a larger platform in installed insulation and related interior construction categories while broadening its distribution reach in products such as lumber, millwork, windows, wallboard and rebar.

Alec Covington, TopBuild’s former chairman, has joined QXO’s board of directors. He replaces Jared Kushner, who resigned to focus on other commitments, the company 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,” QXO Chairman and CEO Brad Jacobs said in a statement.

Jacobs said QXO expects to generate at least $300 million in annual synergies by 2030, largely from procurement, pricing and cross-selling.

The acquisition is QXO’s third major deal since 2025, following its purchases of Beacon Roofing Supply and Kodiak Building Partners. The combined company was expected to generate more than $18 billion in annual revenue and operate more than 1,100 locations with about 28,000 employees in the U.S. and Canada.

Industry analysts have said the strategic value of the acquisition extends beyond added scale. Lilli Tillman Smith, a roofing and insulation industry analyst at Principia, previously told W&C that TopBuild’s contractor relationships, job-level project data and installation platform could give QXO better market intelligence and tools for pricing, inventory and capital allocation.

The deal also raises questions for contractors about consolidation, vertical integration and data control. Attorney Trent Cotney of Adams & Reese previously told W&C that contractors should evaluate how distributor and installer alignment could affect competition, data sharing and contract risk.

A recent William Blair research note said roofing demand remained soft in the second quarter, though June sell-through improved to roughly flat. The analysts also said TopBuild’s jobsite data could support cross-selling opportunities for QXO in lumber and roofing. The report described QXO’s long-term acquisition and technology strategy as intact but noted near-term market pressures, including softer roofing demand and expected roofing installation declines in 2026.

Under the merger agreement, former TopBuild shareholders will receive QXO common stock or a combination of cash and stock, based on their elections and subject to proration and other terms. TopBuild shares will stop trading on the New York Stock Exchange.