QXO and TopBuild announced on Monday that their respective shareholders have overwhelmingly approved QXO's acquisition proposal for TopBuild in separate special meetings. The transaction is anticipated to be finalized around July 1.

At the special meeting for QXO Inc shareholders, approximately 99% of the votes cast were in favor of authorizing the issuance of common stock related to the deal. At TopBuild's special meeting, around 78% of the votes were in favor of adopting the merger agreement, representing roughly 65% of all outstanding shares.

Under the terms of the acquisition, TopBuild shareholders have the option to receive either $505 in cash or 20.2 shares of QXO Inc stock for each TopBuild share they hold, subject to a proration mechanism. The overall consideration mix is expected to be approximately 45% cash and 55% stock. This offer represents a 19.8% premium to TopBuild's 60-day volume-weighted average price and a 23.1% premium to its closing price on April 17.

The acquisition, which was announced in April of this year, carries an estimated valuation of around $17 billion. QXO Inc is the largest publicly traded distributor of roofing, waterproofing, and related products in North America, as well as the second-largest publicly traded distributor of lumber and building materials. TopBuild is the leading distributor and installer of insulation materials in North America, operating over 450 locations across the United States and Canada.

QXO Inc projects that the combined entity will realize approximately $300 million in synergies by the year 2030 following the merger's completion. The merged company is expected to employ about 28,000 people, maintain a network of 1,150 locations in the U.S. and Canada, and operate a fleet of more than 10,000 vehicles.