ARRAY Technologies merges with Shoals Technologies in all-stock deal

ARRAY Technologies and Shoals Technologies Group agreed to combine in a stock-for-stock merger, with ARRAY as the legal acquirer and corporate parent of the combined company. Shoals shareholders will receive 1.6931 ARRAY shares for each Shoals share they own.

Shoals shareholders are expected to own about 65% of the combined company's basic shares at closing. ARRAY, which makes structural balance-of-system products for utility-scale solar, is pairing those products with Shoals' electrical systems. Pro forma full-year 2027 revenue is estimated at $2.2 billion to $2.4 billion.

Brandon Moss, Shoals' chief executive, will lead the combined company, while ARRAY's Kevin Hostetler becomes special advisor. ARRAY will also redeem $317.5 million of its Series A Perpetual Preferred Stock under the deal, with the first $161.3 million due within 90 days of closing.