ARRAY Technologies and Shoals Technologies Group have agreed to combine in an all-stock deal that values Shoals at about US$1.32bn, the companies said on 4 November 2026. Each Shoals share will be exchanged for 1.6931 ARRAY shares.
Why ARRAY Technologies, Inc. is buying Shoals Technologies Group, Inc.
The merger brings together ARRAY's solar tracking systems and Shoals' electrical balance-of-system products. The companies said only about 20% of projects served by both in 2025 and 2026 used products from both, which they see as a cross-selling opportunity, and they plan to expand across the solar value chain and into data centre markets.
“Today marks an important milestone for Shoals, ARRAY and the customers we serve.”
Deal terms and financing
ARRAY will be the legal acquirer, with Shoals becoming a wholly owned subsidiary in a transaction intended to be tax-free. Shoals shareholders will own about 65% of the combined company. The companies expect year-one run-rate synergies of about US$35m and more than US$100m of annual adjusted EBITDA synergies within three years, and indicative pro forma 2027 revenue of US$2.2bn to US$2.4bn. ARRAY will redeem US$317.5m of its Series A perpetual preferred stock after closing. Brandon Moss will be chief executive, ARRAY chief executive Kevin Hostetler will become a special adviser, and Brad Forth will chair a ten-member board.
Regulatory approvals and timing
The deal requires approval by both companies' shareholders, expiry of the HSR waiting period, Nasdaq listing approval and effectiveness of ARRAY's Form S-4. Closing is expected in the first quarter of 2027; the outside date is 4 May 2027, extendable to 4 November 2027 for antitrust or listing approvals.
Market context
Reuters reported that the exchange ratio implied US$7.86 per Shoals share, a 7.2% discount to Shoals' previous close. A new corporate name and ticker will be announced in the coming months.
