Roofing material firm TopBuild buys rival SPI for $1 billion

Oct 8 (Reuters) - TopBuild Corp BLD.N said on Wednesday it has acquired Specialty Products and Insulation (SPI) for $1 billion in cash, about a year after the two building material makers had terminated their initial agreement over anti-trust concerns.

The deal, which closed on October 7, excludes SPI's metal building insulation (MBI) business, TopBuild said.

The Department of Justice had raised concerns over the deal harming competition, following which the companies had terminated their agreement last year.

TopBuild expects $35 million to $40 million in annual cost synergies within two years, the company said.