Shoals Technologies agrees to merge with ARRAY Technologies
SHLS•Shoals Technologies Group will merge with ARRAY Technologies in a deal expected to close in the first quarter of 2027. Shoals shareholders will own about 65% of the combined company’s basic shares, which targets more than $100 million in annual incremental EBITDA synergies by year three.
1. Merger terms
Shoals Technologies Group will merge with ARRAY Technologies to create an integrated energy infrastructure platform, with closing expected in the first quarter of 2027. ARRAY will remain the surviving legal entity, and Shoals shareholders will own approximately 65% of the combined company’s basic shares outstanding.
2. Synergies and leadership
The companies target more than $100 million in annual incremental EBITDA from cost and commercial synergies by the third year. ARRAY will redeem $161.3 million of Series A Redeemable Preferred Stock within 90 days of closing, followed by $156.3 million over three years. Brandon Moss will lead the combined company as CEO, while Kevin Hostetler will become a special adviser.
