Array Technologies to Merge with Shoals Technologies for Integrated Energy Platform

Array Technologies, Inc. and Shoals Technologies Group, Inc. announced a definitive agreement to combine in a stock-for-stock merger, creating an integrated energy infrastructure platform. Shoals shareholders will receive 1.6931 shares of Array common stock for each Shoals share. The combined company is projected to have 2027 revenues between $2.2 billion and $2.4 billion and aims to achieve over $100 million in annual Adjusted EBITDA synergies within three years. Brandon Moss, Shoals' CEO, will lead the combined entity, while Kevin Hostetler, Array's CEO, will serve as Special Advisor. Array also committed to redeeming $317.5 million of its Series A Perpetual Preferred Stock as part of the transaction.