M&A · Industrials · Construction - Special Trade Contractors
QXO, Inc. to acquire TopBuild Corp
Announced Apr 19, 2026 · Closed Jul 1, 2026
Deal value$17.00BEV $16.87B
Premium23.1%To unaffected price
EV / Adj. EBITDA16.6x3.1x EV / Revenue
ConsiderationCash and stock$505.00 per share
Transaction
- Acquirer
- QXO, Inc. (QXO)
- Target
- TopBuild Corp (BLD)
- Buyer type
- Strategic
- Offer price per share
- $505.00
- Enterprise value
- $16.87B
- Status
- Closed Jul 1, 2026
Deal protections
- Break fee (target pays)
- $600M · 3.5%
- Reverse fee (buyer pays)
- $600M · 3.5%
- Go-shop
- No-shop
- Financing
- Committed · Morgan Stanley, Wells Fargo, Barclays, Citigroup, Credit Agricole
Advisors
- To the acquirer
- Morgan Stanley, Barclays, Wells Fargo
- To the target
- Goldman Sachs, RBC Capital Markets
- Morgan Stanley fee
- $25.0M
- RBC Capital Markets fee
- $60.0M
Sector context · Industrials
- Comparable deals
- 97 in the prior 24 months
- Premium
- 23.1% vs. 34.0% sector median
- EV / Adj. EBITDA
- 16.6x vs. 10.3x sector median
- Break fee
- 3.5% vs. 2.7% sector median
Timeline
- AnnouncedApr 19, 2026
- Proxy filedMay 29, 2026
- Definitive proxyMay 29, 2026
- Shareholder voteJun 29, 2026
- ClosedJul 1, 2026
Valuation · fairness opinions
Discounted cash flowMorgan Stanley$449.00$598.00
Precedent transactionsMorgan Stanley$430.00$551.00
Trading comparablesMorgan Stanley$361.00$475.00
Trading comparablesMorgan Stanley$355.00$478.00
Analyst price targetsMorgan Stanley$407.00$520.00
Analyst price targetsGoldman Sachs$464.00$594.00
Analyst price targetsGoldman Sachs$284.00$522.00
Trading comparablesGoldman Sachs$414.00$600.00
Premiums paidGoldman Sachs$464.00$542.00
Offer $505.00
Implied value per TopBuild Corp share by analysis, from Morgan Stanley and Goldman Sachs.