Shoals Technologies and Array Technologies Announce Merger

Shoals Technologies Group, Inc. and Array Technologies announced a definitive agreement to combine in a stock-for-stock merger, creating an integrated energy infrastructure platform. The combined company is projected to achieve $2.2 billion to $2.4 billion in revenue and $410 million to $480 million in Adjusted EBITDA for fiscal year 2027, with expectations of over $100 million in annual synergies within three years. Shoals shareholders will receive 1.6931 shares of Array common stock per Shoals share, and Shoals shareholders are expected to own approximately 65% of the combined entity. Brandon Moss will lead the combined company as CEO, while Kevin Hostetler will be a Special Advisor. Array will also redeem $317.5 million of its preferred stock as part of the transaction.