Mergers & Acquisitions ·
ARRAY Technologies agrees to acquire Shoals in stock-for-stock merger at 1.6931 exchange ratio
ARRYArray Technologies, Inc.
ARRAY Technologies has entered into a definitive agreement to acquire Shoals Technologies Group in an all-stock merger, with Shoals shareholders receiving 1.6931 shares of ARRAY common stock for each share held. The combined entity is expected to generate pro forma full-year 2027 revenue between $2.2 billion and $2.4 billion and Adjusted EBITDA between $410 million and $480 million, including over $100 million in annual synergies within three years. Brandon Moss will become CEO of the combined company, while Kevin Hostetler transitions to a special advisor role. ARRAY also committed to redeeming $317.5 million of its Series A Perpetual Preferred Stock as part of the transaction. The deal is expected to close in the first quarter of 2027, subject to shareholder and regulatory approvals. ARRAY Technologies is a leading provider of structural balance-of-system solutions for utility-scale solar projects.