TopBuild Abandons Proposed Acquisition of SPI After Antitrust Division Concerns

TopBuild Corp. announced its decision today to abandon its proposed $960 million acquisition of its rival, SPI Parent Holding Company (SPI). The abandonment comes after the department’s competition concerns.

The Justice Department issued the following statement from Assistant Attorney General Jonathan Kanter of the Antitrust Division:

“TopBuild’s proposed acquisition of SPI would have harmed competition across the United States by combining two of the largest providers of important building insulation products and eliminating fierce head-to-head competition between them. I am grateful for the tireless efforts of the Antitrust Division’s lawyers, economists, paralegals and professional staff who made this result possible.”