Array Technologies and Shoals Technologies Group said on November 4 that they have agreed to merge in an all stock transaction valuing Shoals at about 1.32 billion dollars. Shoals shareholders will receive 1.6931 Array shares for each share they hold, an implied value of 7.86 dollars a share on Reuters’ calculation, which was a discount of about 7.2 percent to Shoals’ previous close.
The structure inverts the legal form. Array will be the legal acquirer and corporate parent, but Shoals shareholders are expected to own about 65 percent of the combined company, Array shareholders about 35 percent, and Shoals chief executive Brandon Moss will lead the combined business, with Array chief executive Kevin Hostetler serving as a special adviser. The combined company plans a new corporate brand and ticker before closing.
The industrial logic is bundling. Array sells structural equipment, single axis trackers and mounting systems; Shoals sells the electrical layer, wiring, cable management and combiner boxes. The two categories are designed and procured through separate supply chains on the same utility scale solar and storage projects, and the combined company is pitching one integrated offer, with stated ambitions in long duration storage and data centre power delivery as well.
Management guided the combined company to 2027 revenue of 2.2 billion to 2.4 billion dollars and adjusted EBITDA of 410 million to 480 million dollars, including about 35 million dollars of first year synergy benefits. Both boards have approved the deal, which is expected to close in the first quarter of 2027 subject to shareholder and regulatory approvals.