Key facts
- Shoals shareholders will receive 1.6931 ARRAY shares for each share they own, per the companies' announced terms.
- The $7.86 per share value is a 7.2% discount to Shoals' last closing price, Reuters calculated.
- Shoals shares rose 8.6% and ARRAY shares gained 6.23% in premarket trading, Reuters reported.
- After completion, Shoals shareholders are expected to own about 65% of the combined company, ARRAY holders 35%.
- The combined company projects 2027 revenue of $2.2 billion to $2.4 billion and adjusted EBITDA of $410 million to $480 million.
- The companies expect about $35 million in first-year synergy benefits from the combination.
ARRAY Technologies and Shoals Technologies Group said on November 4, 2026 that they had agreed to merge in an all-stock deal valuing Shoals at about $1.32 billion, combining their solar equipment businesses to widen product offerings and cut costs.
The deal pairs ARRAY's structural solar equipment, including trackers and mounting systems, with Shoals' electrical infrastructure products, including wiring and cable management systems. Under the terms, Shoals shareholders will receive 1.6931 ARRAY shares for each share they own. Reuters calculated that this equals $7.86 per Shoals share and a total value of about $1.32 billion, a 7.2% discount to Shoals' last closing price.
Shoals shares rose 8.6% and ARRAY shares gained 6.23% in premarket trading, according to Reuters. ARRAY will be the legal acquirer and corporate parent of the combined company. The companies expect the deal to complete in the first quarter of 2027.
After completion, Shoals shareholders are expected to own about 65% of the combined company and ARRAY shareholders the remaining 35%. Shoals CEO Brandon Moss will lead the combined company, while ARRAY CEO Kevin Hostetler will serve as special advisor.
The companies said they expect the combination to simplify project installation, reduce costs and improve system performance. The combined company projects 2027 revenue of $2.2 billion to $2.4 billion and adjusted EBITDA of $410 million to $480 million, including about $35 million in first-year synergy benefits.