Array Technologies, Shoals to Merge in Stock-for-Stock Deal

09:15 AM EST, 11/04/2026 (MT Newswires) -- Array Technologies (ARRY) and Shoals Technologies (SHLS) said Wednesday they agreed to combine in a stock-for-stock merger expected to close in Q1 2027. Shoals shareholders will receive 1.6931 Array shares per share and hold about 65% of the combined company, with Array as the legal parent, the companies said. The companies said the combined company is estimated to generate preliminary, indicative pro forma 2027 revenue of $2.2 billion to $2.4 billion and adjusted EBITDA of $410 million to $480 million, including expected first-year synergies. Shoals CEO Brandon Moss will lead the combined company while Array CEO Kevin Hostetler becomes a special advisor, they added. Shares of Array were up 13%, while Shoals shares were up 5% in Wednesday premarket activity.