Array and Shoals agree $1.32 billion all-stock solar merger

ARRAY Technologies and Shoals Technologies Group have agreed to combine in an all-stock merger valuing Shoals at about $1.32 billion, pairing solar trackers with electrical balance-of-system gear for utility-scale projects.

Why it matters: The merger consolidates two of the main US suppliers of solar farm hardware into one platform with guided 2027 revenue of $2.2 billion to $2.4 billion, at a fixed exchange ratio that values Shoals at a discount to its prior close.

Data as of Joint ARRAY and Shoals announcement of November 4, 2026, read in full, with pv magazine USA reporting of the same day. The $7.86 per share value and 7.2 percent discount are Reuters calculations reported at announcement and will move with ARRAY's share price until closing. Developing item.

ARRAY Technologies and Shoals Technologies Group said on Wednesday they have entered a definitive agreement to combine in a stock-for-stock merger, with ARRAY as the legal acquirer and Shoals shareholders receiving a fixed 1.6931 ARRAY shares for each Shoals share, valuing Shoals at about $1.32 billion, or $7.86 a share at announcement prices. Shoals shareholders are expected to own about 65 percent of the combined company on closing, and Shoals chief executive Brandon Moss will lead it, with ARRAY chief executive Kevin Hostetler moving to a special adviser role.

The combined company is targeting preliminary 2027 pro forma revenue of $2.2 billion to $2.4 billion and adjusted EBITDA of $410 million to $480 million, including about $35 million of first-year synergies, and ARRAY has committed to redeem $317.5 million of its Series A perpetual preferred stock in stages after closing. The boards of both companies have approved the deal, which is expected to close in the first quarter of 2027 subject to shareholder and regulatory approvals.

Array and Shoals agree $1.32 billion all-stock solar merger

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