TopBuild jumps 20% as QXO strikes $17B takeover at $505 per share
TopBuild shares are soaring after QXO agreed to acquire the company in a $17 billion cash-and-stock deal valuing BLD at $505 per share. The offer implies about a 20% premium to TopBuild’s recent trading levels and is expected to close in Q3 2026.
1) What’s moving the stock today
TopBuild (BLD) is up about 20% today after QXO announced it will acquire the insulation installer and specialty distributor in a $17 billion cash-and-stock transaction. The deal values each TopBuild share at $505, pulling BLD sharply higher toward the implied takeout value as merger-arbitrage investors reprice the stock.
2) Deal terms investors are keying on
TopBuild shareholders can elect to receive either $505 in cash or 20.2 shares of QXO common stock for each TopBuild share, subject to proration. The overall consideration mix is structured to be approximately 45% cash and 55% stock, limiting how much total cash can be paid if elections exceed the cap. The announced valuation represents roughly a 20% premium to TopBuild’s 60-day volume-weighted average price and about a 23% premium to the April 17, 2026 close.
3) Timing, approvals, and what to watch next
The companies expect the transaction to close in Q3 2026, pending approvals from both companies’ shareholders and customary regulatory clearances. With the stock now trading close to the $505 headline value, the remaining spread will likely be driven by perceived closing risk, timing, and the market value of the stock-election alternative tied to QXO shares.