ARRAY Technologies to Acquire Shoals Technologies for $1.32 Billion

ARRAY Technologies agreed to merge with Shoals Technologies Group in an all-stock transaction valuing Shoals at approximately $1.32 billion. The deal combines ARRAY's structural solar equipment, including trackers and mounting systems, with Shoals' electrical infrastructure products such as wiring and cable management.

Under the terms of the agreement, Shoals shareholders will receive 1.6931 ARRAY shares for each share held, a value of $7.86 per share. Once the transaction completes in the first quarter of 2027, Shoals shareholders will own roughly 65% of the combined entity, while ARRAY shareholders will hold 35%. ARRAY will act as the legal acquirer and corporate parent.

Brandon Moss, the current CEO of Shoals, will lead the combined company. Kevin Hostetler, the CEO of ARRAY, will transition into a role as special advisor. The companies project 2027 revenue between $2.2 billion and $2.4 billion and expect synergy benefits of $35 million in the first year.