The combined entity expects to reach between $2.2 billion and $2.4 billion in pro-forma revenue by 2027. Shoals CEO Brandon Moss will lead the new organization, while Array’s Kevin Hostetler transitions to the role of special advisor. The merger, slated to close in the first quarter, includes a $161.3 million redemption plan for Array’s preferred stock.
In section Market Quotes
Solar Rivals Array and Shoals to Merge in All-Stock Deal
Shoals shareholders will hold 65% of a new solar-power giant after agreeing to a merger with Array Technologies. The all-stock deal, which values the transaction at an exchange ratio of 1.6931 Array shares per Shoals share, aims to consolidate utility-scale solar production and tracker technology under a single corporate parent.
Financial performance across the two firms remains divergent. Shoals reported strong third-quarter growth, with revenue climbing 44% to $195.3 million, prompting an upward revision of its annual guidance. Conversely, Array posted $330.2 million in quarterly revenue and trimmed its full-year outlook. Investors reacted positively to the consolidation, pushing Array shares up 11% to $5.17 and Shoals shares up 5.7% to $8.95 in premarket trading.
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