From: Mercom India
ARRAY Technologies, a provider of solar tracking technology and fixed-tilt products and foundation solutions, and Shoals Technologies Group, a provider of electrical balance-of-system solutions for utility-scale solar and battery storage, have entered into a definitive agreement for a stock-for-stock merger.
Under the merger agreement, ARRAY will be the legal acquirer and corporate parent of the combined company, and Shoals shareholders will receive 1.6931 ARRAY shares for each Shoals share they own.
After the transaction closes, Shoals shareholders are expected to own approximately 65% of the combined company’s basic shares outstanding and 64.5% on a fully diluted basis. ARRAY shareholders are expected to own approximately 35% of basic shares and 35.5% on a fully diluted basis.
ARRAY and Shoals said the combined company plans to offer coordinated purchasing, integrated warranty support, and a unified design package across structural and electrical balance-of-system products. They expect increased product integration to reduce installation costs and maintenance requirements.
The combined company will offer products across foundations, solar trackers, fixed-tilt racking, electrical infrastructure, wire management, and power delivery systems for solar and battery storage projects.
Upon completion of the merger, Shoals Chief Executive Officer Brandon Moss will become chief executive officer of the combined company. ARRAY Chief Executive Officer Kevin Hostetler will serve as special advisor. Brad Forth, chairman of both companies, will become chairman of the combined company.
The board is expected to have 10 directors, comprising four independent directors from each company’s current board, along with Forth and Moss. The combined company plans to announce a new corporate name and ticker symbol in the coming months.
The companies expect the transaction to close in the first quarter of 2027, subject to shareholder approvals from both companies, regulatory approvals, authorization to list the combined company’s shares on Nasdaq, and other customary closing conditions.
ARRAY and Shoals expect approximately $20 million in incremental run-rate adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) from cost synergies during the first year after closing. They also expect about $15 million in incremental run-rate adjusted EBITDA from cross-selling during the first year.
In connection with the merger, ARRAY entered into an agreement with holders of its preferred stock. ARRAY committed to redeem $161.3 million of preferred stock at 93% of liquidation preference within 90 days after the merger closes. The company also committed to redeem another $156.3 million at 96% of liquidation preference in installments by the first, second, and third anniversaries of the initial redemption.
In July 2026, ARRAY Technologies entered into a definitive agreement to acquire Affordable Wire Management (AWM) for total potential consideration of $203 million to expand its utility-scale solar product portfolio and provide access to battery energy storage and data center markets.
In the first nine months of 2026, corporate M&A activity in the solar sector increased to 88 transactions, compared to 76 transactions in 9M 2025, as per Mercom’s 9M and Q3 2026 Solar Funding and M&A Report.
