daily · Clean Energy

ARRAY and Shoals sign stock-for-stock merger agreement, with closing still conditional

The solar-hardware companies target a first-quarter 2027 close. Integration benefits and cost synergies are company expectations, not delivered savings.

By Greener Numbers Editorial Team · Published November 4, 2026 · Updated 11/4/2026

ARRAY Technologies and Shoals Technologies Group announced on November 4 that they signed a definitive agreement for a stock-for-stock merger. The agreement is not a completed transaction. The companies expect a first-quarter 2027 closing, subject to shareholder and regulatory approvals, Nasdaq listing authorization and other customary conditions.

ARRAY would be the legal acquirer and corporate parent. Under the agreement, Shoals shareholders would receive 1.6931 ARRAY shares for each Shoals share. They are expected to own approximately 65% of basic shares outstanding after closing, or 64.5% on a fully diluted basis. Those two ownership measures are not interchangeable.

The proposed combination would bring together structural and electrical balance-of-system products for solar and battery-storage projects. The companies describe a planned unified design package, coordinated purchasing and integrated warranty support. Reduced installation cost and maintenance needs are intended benefits, not independently measured savings already delivered by the merger.

The companies expect more than $100 million of annual incremental Adjusted EBITDA synergies within three years after closing. This is a management expectation using a non-GAAP financial measure. It is not a guaranteed increase in profit, a customer rebate or a quantified electricity-bill saving.

Shoals chief executive Brandon Moss would lead the combined company, while ARRAY chief executive Kevin Hostetler would become a special advisor. Brad Forth would chair the combined board. The release says Forth did not participate in the boards' consideration of or vote on the transaction, and a new company name and ticker are planned for announcement later.

For project buyers, the next steps are transaction approvals and evidence of how the businesses integrate their offerings. The announcement does not establish that every component qualifies a project for a domestic-content tax bonus, nor does it give a guaranteed installation-cost reduction. The companies warn that expected benefits may not materialize and the deal may not close on the proposed timeline or at all.