Stockholders approve QXO’s $17 billion TopBuild acquisition

QXO Inc. and TopBuild Corp. investor shareholders have overwhelmingly approved QXO’s acquisition of TopBuild, clearing a key hurdle for one of the largest recent combinations in the North American building products and insulation markets, the companies said in an announcement on Monday. 

At QXO’s special meeting, about 99% of the votes cast supported issuing QXO common stock to fund the transaction. At TopBuild, approximately 78% of votes cast favored adopting the merger agreement, representing roughly 65% of all outstanding shares, the announcement stated. 

The $17 billion acquisition, initially announced in April, is now expected to close on or around July 1, 2026, subject to customary closing conditions. TopBuild, once the deal closes, will represent QXO’s third acquisition since its founding in 2023. 

The deal will combine QXO, the largest publicly traded distributor of roofing, waterproofing and related products and the second-largest publicly traded distributor of lumber and building materials in North America, with TopBuild, the continent’s largest distributor and installer of insulation and related building products.

QXO is targeting $50 billion in annual revenue within the next several years through a mix of acquisitions and organic growth, in a bid to consolidate the fragmented $800 billion building products distribution industry. The acquisition of TopBuild, which operates more than 450 locations across the U.S. and Canada and serves residential, commercial and industrial end markets, would be a significant milestone in that strategy.

For homebuilders, further consolidation among distributors and installers could influence everything from the cost of envelope materials in single-family and multifamily construction to the availability of specialized systems used in large commercial and industrial projects like warehouses and logistics facilities.