ARRAY to buy Shoals in $1.32 billion all-stock deal

ARRAY Technologies and Shoals Technologies Group have reached an agreement to merge in an all-stock deal, creating a new entity valued at approximately $1.32 billion. The combined company will merge ARRAY's solar equipment expertise, such as trackers and mounting systems, with Shoals' electrical infrastructure offerings, like wiring and cable management systems.

Shoals shareholders will receive 1.6931 ARRAY shares for each share they own, resulting in a $7.86 per share value or a $1.32 billion deal total. The acquisition price represents a 7.2% discount compared to Shoals' last closing price. Following the merger expected in Q1 2027, Shoals shareholders will hold around 65% of the combined company, with ARRAY shareholders owning the remaining 35%.

ARRAY will become the legal acquirer and corporate parent of the newly formed entity, while Shoals CEO Brandon Moss will lead the combined company. ARRAY's Kevin Hostetler will serve as a special advisor. The companies anticipate that the merger will streamline project installations, reduce costs, and enhance system performance.

The newly formed company anticipates revenue of $2.2 billion to $2.4 billion in 2027, with adjusted EBITDA ranging from $410 million to $480 million. This includes about $35 million in first-year synergy benefits.