Solar suppliers ARRAY and Shoals agree to all-stock merger

Overview

Updated Yesterday

ARRAY Technologies and Shoals Technologies Group agreed on Nov. 4 to combine in an all-stock merger. ARRAY makes the steel structures that hold solar panels; Shoals makes the wiring and electrical equipment that connect them.

Reuters valued the all-stock deal at about $1.32 billion, and the companies expect it to close in the first quarter of 2027. Shoals shareholders would own roughly 65% of the combined company, and Shoals chief executive Brandon Moss would run it.

Why it matters

If the merger closes, utility-scale solar developers could buy racks and wiring from one supplier instead of two.

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Key Indicators

$1.32B

Deal value

All-stock value reported by Reuters.

65%

Shoals shareholder ownership

Share of combined company basic shares, expected at closing.

1.6931

Exchange ratio

ARRAY shares received for each Shoals share.

$2.2B–$2.4B

Pro forma 2027 revenue

Company's preliminary estimate for the combined business.

$410M–$480M

Pro forma 2027 Adjusted EBITDA

Estimate includes expected first-year synergies.

$100M

Annual synergy target

Adjusted EBITDA savings expected within three years of closing.

2.6x

Net debt to Adjusted EBITDA

Pro forma leverage expected at year-end 2026.

Voices

Curated perspectives — historical figures and your fellow readers.

People Involved

Brandon Moss

Chief executive of Shoals Technologies Group; designated chief executive of the combined company

Leading Shoals through the merger process

Kevin Hostetler

Chief executive of ARRAY Technologies

Would become special advisor after the merger closes

Brad Forth

Chairman of the boards of ARRAY and Shoals; designated chairman of the combined company

Abstained from the boards' vote on the merger

Organizations Involved

ARRAY Technologies

Solar equipment manufacturer

Legal acquirer and planned parent of the combined company

ARRAY Technologies makes the structural equipment that holds utility-scale solar panels in place: foundations, trackers and fixed-tilt racking.

Shoals Technologies Group

Solar and storage electrical equipment supplier

Agreed to merge into an ARRAY subsidiary

Shoals Technologies Group makes electrical balance-of-system equipment for utility-scale solar and battery storage: wiring, cable management and power delivery components.

Timeline

3 events Latest: 3 days ago

November 2026
POWER Magazine publishes report on the merger
Latest Publication

The trade publication describes the stock-for-stock combination and the companies' integrated-platform pitch.
3 days ago
ARRAY and Shoals sign all-stock merger agreement
Merger agreement

The deal would combine ARRAY's trackers and racking with Shoals' wiring and electrical equipment. Shoals shareholders would receive 1.6931 ARRAY shares per Shoals share.
5 days ago
Shoals shares jump on merger and quarterly results
Market reaction

Shoals stock rose 18.86% to $5.52 as the companies reported third-quarter 2026 earnings alongside the deal.
5 days ago

Scenarios

Merger closes in first quarter of 2027

Likely Resolves by Q1 2027

Discussed by: ARRAY and Shoals management

Both boards approved the deal, and the companies target a first-quarter 2027 close. The remaining steps are shareholder votes, antitrust clearance under the Hart-Scott-Rodino Act and an effective registration statement.

Antitrust review delays closing past March 2027

Possible Resolves by Q2 2027

Discussed by: Merger agreement closing conditions

The merger agreement conditions closing on expiration of the Hart-Scott-Rodino waiting period. A second request for information would extend that review and could push closing into the second half of 2027.

Deal terminated before closing

Unlikely Resolves by Q1 2027

Discussed by: Merger agreement termination provisions

A failed shareholder vote or a board change of recommendation would end the deal. Neither company has reported such a step.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

November 2014 – May 2016

Halliburton–Baker Hughes merger blocked (2014–2016)

Oilfield services companies Halliburton and Baker Hughes agreed to merge in November 2014. The U.S. Department of Justice sued to block the deal in April 2016, arguing the combined company would control too much of the market for certain oilfield services.

Then

The companies abandoned the merger in May 2016.

Now

The case became a benchmark for how antitrust review can end a supplier merger even after the boards agree.

Why this matters now

ARRAY and Shoals also need Hart-Sharkson-Rodino clearance, and their customers are the same utility-scale solar developers.

December 2015 – August 2017

Dow–DuPont merger and split (2015–2017)

Dow Chemical and DuPont announced a merger in December 2015, then planned to separate into three companies. Regulators approved the combination after requiring divestitures.

Then

The merger closed in August 2017.

Now

The combined company split into Dow, DuPont and Corteva by 2019.

Why this matters now

It shows how complementary industrial suppliers can merge first and reorganize later, a path the ARRAY–Shoals platform could follow.

2015 – April 2016

SunEdison acquisition spree and bankruptcy (2015–2016)

SunEdison, then one of the world's largest renewable-energy developers, went on an acquisition spree in 2015, including a proposed deal for rooftop solar installer Vivint Solar. The Vivint deal collapsed in December 2015.

Then

SunEdison filed for Chapter 11 bankruptcy in April 2016.

Now

The collapse became a cautionary case for solar consolidation built on heavy borrowing.

Why this matters now

The ARRAY–Shoals combination is an all-stock deal with planned leverage below 2x by year-end 2027, a different structure from SunEdison's debt-funded roll-up.