QXO to Buy TopBuild; USA Rare Earth; American 'Not Interested' in United Merger

Today's biggest winners and losers in the stock market.
On this episode of Stock Movers:
- QXO Inc. (QXO) said it’s acquiring insulation company TopBuild Corp. (BLD) for about $17 billion, making QXO the second-largest publicly traded building products distributor in North America. QXO’s offer values TopBuild at $505 per share, a 23% premium to the stock’s closing price of $410.31 on Friday. QXO plans to pay up to a cap of 45% of the aggregate transaction value in cash and offer up to 20.2 shares of its common stock for the remainder. The transaction, which is expected to close in the third quarter of 2026, would follow QXO’s acquisitions of Beacon Roofing Supply Inc. in 2025 and Kodiak Building Partners this year.
- USA Rare Earth (USAR) says that it has agreed to acquire Serra Verde Group for about $2.8 billion in cash and stock. The deal includes $300 million cash and 126.849 million newly issued USAR shares. Serra Verde is expected to deliver $550-$650 million annualized EBITDA by the end of 2027, while the combined company projected to generate about $1.8 billion EBITDA in 2030. Serra Verde's Thras Moraitis will join as President and Board Director as part of the deal that's expected to close in the third quarter.
- Shares of American Airlines Group Inc. (AAL) fell in premarket trading after the company said it’s not engaged with or interested in any discussions regarding a merger with rival United Airlines Holdings Inc. (UAL), dampening the prospect of a tie-up that could reshape the industry. United’s Chief Executive Officer Scott Kirby had floated the possible combination directly to President Trump in February, Bloomberg reported earlier this week. American signaled that such a merger would be a bad deal in a statement late Friday. United representatives declined to comment.

See omnystudio.com/listener for privacy information.