ARRAY to buy Shoals in $1.32 billion all-stock deal
ARRY•ARRAY Technologies and Shoals Technologies Group agreed to merge in an all-stock deal valuing Shoals at about $1.32 billion. The companies expect the combined company to generate $2.2 billion-$2.4 billion in 2027 revenue and $410 million-$480 million in adjusted EBITDA.
1. Deal terms
Shoals shareholders will receive 1.6931 ARRAY shares for each share they own, valuing the deal at about $7.86 per share, or $1.32 billion. The companies expect the deal to close in the first quarter of 2027; Shoals shareholders are expected to own about 65% of the combined company and ARRAY shareholders the remaining 35%.
2. Combined business
The combination brings together ARRAY's solar trackers and mounting systems with Shoals' wiring and cable management products. ARRAY will be the legal acquirer and corporate parent. Shoals CEO Brandon Moss will lead the combined company, while ARRAY CEO Kevin Hostetler will serve as special advisor.
3. 2027 expectations
The companies expect 2027 revenue of $2.2 billion-$2.4 billion and adjusted EBITDA of $410 million-$480 million, including about $35 million in first-year synergy benefits. They said the combination is expected to simplify project installation, reduce costs and improve system performance.
