ARRAY and Shoals Agree to Combine in $1.32B Deal
The all-stock transaction would merge two solar equipment makers into a single company with a new brand and ticker.
Updated on Nov. 4, 2026 in Business Strategy
ARRAY Technologies and Shoals Technologies Group agreed to combine in an all-stock transaction valued at approximately $1.32 billion. The boards of both companies approved the deal, which is expected to close in the first quarter of 2027, subject to shareholder and regulatory approvals.
Why it matters
The merger brings together tracker and mounting systems with electrical power delivery and wire management hardware, which the companies say will reduce site-level integration work and field installation labor. For the U.S. solar sector, a combined supplier offering pre-integrated equipment packages could change how developers purchase and warrant utility-scale projects.
The companies project full-year 2027 pro forma revenue of $2.2 billion to $2.4 billion and more than $100 million in annual run-rate EBITDA cost synergies within three years. These are company projections that have not yet been tested against closing conditions or integration results.
The players
ARRAY Technologies
ARRAY Technologies is a solar equipment manufacturer known for single-axis trackers and fixed-tilt mounting systems used in utility-scale projects.
Shoals Technologies Group
Shoals Technologies Group is a supplier of electrical balance-of-system hardware, including power delivery, wire management, and combiner boxes, for solar installations.
Kevin Hostetler
Kevin Hostetler is the chief executive officer of ARRAY Technologies.
Brandon Moss
Brandon Moss is the chief executive officer of Shoals Technologies Group.
Brad Forth
Brad Forth serves as chairman of the board for both ARRAY Technologies and Shoals Technologies Group.
The details
ARRAY Technologies, which makes single-axis trackers and fixed-tilt mounting systems, will act as the legal acquirer, while Shoals Technologies Group, which makes electrical power delivery, wire management, and combiner box hardware, is being combined into it. The combined company plans to launch a new corporate brand name and stock ticker before closing, with a 10-member board.
Timeline
Full-year 2027: Projected pro forma revenue of $2.2 billion to $2.4 billion.
First quarter 2027: Expected closing of the merger, subject to approvals.
Within three years: Target for more than $100 million in annual run-rate EBITDA cost synergies.
Market Landscape
The deal pairs ARRAY's tracker and mounting systems with Shoals' electrical hardware, which together account for much of the equipment installed on utility-scale solar sites. A single supplier offering integrated packages positions the combined company against rivals that sell these components separately.
For developers and utilities buying solar equipment, a combined supplier could mean fewer separate purchase orders and a single warranty point for trackers and electrical hardware. Procurement terms and product availability for current customers will depend on how the companies integrate their product lines after closing.
The takeaway
Combining equipment categories that installers currently source separately is an attempt to simplify solar construction, and whether it delivers the projected savings will become clear only after the deal closes and integration begins.
What happens next
The companies expect the transaction to close in the first quarter of 2027, pending shareholder and regulatory approvals, and plan to launch the new brand name and stock ticker before closing.
Further reading
For more context on how companies reshape their operations through deals like this, explore Business Strategy coverage.
