Array and Shoals to Merge in a $1.52 Billion Stock Deal

ARRAY Technologies (ARRY) entered into a merger agreement on November 4, 2026, to acquire Shoals Technologies Group, Inc. (SHLS) in a deal valued at $1.52 billion.

Deal Structure:

Shoals’ shareholders will receive a fixed exchange ratio of 1.6931 Array shares for each Shoals share they own, representing a value of $7.86 per Shoals share, at a discount of 7.2% over the stock’s last close.

Company Profile:

Shoals Technologies Group is a U.S.-based manufacturer of electrical balance of system (EBOS) components and solutions used in utility-scale and commercial solar projects. Its product portfolio includes cable assemblies, wire management systems, combiner boxes, junction boxes, and other electrical components that connect solar panels to the grid, as well as electrical infrastructure solutions for battery storage and data center applications.

ARRAY Technologies is a U.S.-based manufacturer of solar tracking systems and fixed-tilt solutions for utility-scale solar projects. Its product portfolio includes single-axis solar trackers, tracking software, and related equipment that adjust solar panel positioning to maximize energy generation.

Deal Details and Timeline:

Shoals shareholders are expected to hold about 65% of the combined company’s basic shares outstanding, while Array shareholders are expected to hold the remaining roughly 35%.

Brandon Moss, Shoals’ current CEO, will continue as CEO of the combined company, while Kevin Hostetler, Array’s current CEO, will serve as a Special Advisor. Brad Forth, the current Chairman of both companies, will become Chairman of the combined company’s Board. The new Board will have 10 members: four independent directors from each company’s existing Board, along with Brad Forth and Brandon Moss.

The combined company plans to announce a new corporate name and ticker symbol in the coming months.

Array will redeem $161.3 million of preferred stock at 93% of its liquidation preference within 90 days after the merger closes. It will redeem another $156.3 million of preferred stock at 96% of its liquidation preference. This amount will be paid in up to three installments of at least $52 million each, to be completed by the first, second, and third anniversaries of the initial redemption. The minimum amount required for each redemption has been reduced from $200 million to $50 million.

The combined company expects the outstanding preferred stock to have a liquidation preference of approximately $348.7 million, with dividends of about $25 million in 2027, assuming the initial redemption is completed by March 31, 2027.

The deal is anticipated to close in the first quarter of 2027.

Jefferies served as financial advisor to Shoals, with Latham & Watkins as its legal advisor. Array was advised by JPMorgan Securities, Lazard, and Goldman Sachs on financial matters, while Jones Day served as its legal advisor.

Array is acquiring Shoals at a multiple of 16.34 times EBITDA.

Deal Metrics:

For a comprehensive overview of this merger and acquisition transaction, please visit the Deal Metrics page here:
Deal Metrics for the acquisition of Shoals Technologies Group, Inc. (SHLS) by ARRAY Technologies (ARRY)

The Deal Metrics page for each merger or acquisition includes:

– A spread history chart of the merger from announcement through eventual completion or failure.
– Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
– News and SEC filings.
– A history of deal updates.
– And a whole lot more.

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Editor’s Note: Baranjot Kaur contributed to this article