ARRAY to combine with Shoals in $1.32 billion all-stock deal
SHLS•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 business to generate $2.2 billion-$2.4 billion in 2027 revenue and $410 million-$480 million in adjusted EBITDA.
1. All-stock merger terms
ARRAY Technologies and Shoals Technologies Group said they agreed to merge their solar equipment businesses in an all-stock deal valuing Shoals at about $1.32 billion. Shoals shareholders will receive 1.6931 ARRAY shares for each share they own, equivalent to $7.86 per share, a 7.2% discount to Shoals’ last closing price.
2. Ownership and leadership
The deal is expected to close in the first quarter of 2027. Shoals shareholders are expected to own about 65% of the combined company, with ARRAY shareholders holding the remaining 35%. 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. Forecasts and product mix
The companies expect the combination to simplify project installation, reduce costs and improve system performance. ARRAY makes structural solar equipment, including trackers and mounting systems, while Shoals makes electrical infrastructure products, including wiring and cable management systems. The combined company expects 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.
