QXO and TopBuild shareholders approve acquisition

Ashley Morgan • July 1, 2026 • 2 min read

QXO’s $17 billion acquisition of TopBuild received overwhelming shareholder approval, clearing a key hurdle for the deal to close by July 1.

QXO and TopBuild shareholders approve acquisition - acquisition approval — QXO and TopBuild shareholders approve acquisition

QXO’s $17 billion offer to acquire TopBuild cleared a key hurdle last week, as shareholders from both companies voted to approve the deal. The distributors announced the results after separate special meetings held on June 29, with the transaction expected to close on or around July 1, assuming all terms are met.

Both QXO and TopBuild described the shareholder approval as “overwhelming.” At QXO, 99% of votes supported the acquisition. At TopBuild’s special meeting, 78% of votes favored the merger, representing about 65% of outstanding TopBuild shares, according to the company.

The deal also positions QXO to become the second largest publicly traded building products distributor in North America, according to Brad Jacobs, the chairman and CEO.

Jacobs said in May that QXO would “remain firmly on track to achieve $50 billion in annual revenue within a decade,” pointing to both acquisitions and organic growth as the path. He emphasized that this target remains achievable.

Jacobs later repeated the goal.

QXO’s recent acquisitions and financial position

The TopBuild vote came after QXO closed its $2.25 billion acquisition of Kodiak Building Partners, and it also continued integrating Symbol Roofing, which it bought in a $11 billion deal in 2025. These deals are part of the company’s expansion strategy.

The first-quarter earnings matched the earlier report after the Kodiak deal.

“Our first quarter results reflect the softness we’re seeing in the building products industry, and our investments in the business, including people and technology,” Jacobs said. He added that QXO is executing its integration plan across the legacy Symbol business, supported by investments in technology and sales capacity. He also noted that the integration is on schedule.

TopBuild’s network and services were highlighted in the company’s filings.

For the quarter ended March 31, QXO reported net sales of $1.73 billion. That was up from $13.5 million in the same period a year earlier, driven largely by its acquisition strategy. It also posted an adjusted net loss of $57.2 million for the quarter, with its net margin contracting by 13.1% from a year ago as it pursued growth through mergers. The company expects to see improved margins as it scales.

Jacobs also noted the softness and integration later.

TopBuild distributes and installs insulation and other building products. It operates 450 locations across the United States and Canada, serving residential, commercial and industrial customers. For roofing, it supplies specialized systems for airports, stadiums and warehouses. TopBuild’s specialized roofing systems are a key part of its offerings.