Tracker specialist Array Technologies and electrical balance-of-system (eBOS) solutions provider Shoals Technologies Group have agreed to combine in a stock-for-stock merger, creating an integrated energy infrastructure platform spanning structural and eBOS solutions for utility-scale solar PV and battery storage.
Under the terms of the agreement announced today, Array will be the legal acquirer and will serve as corporate parent of the combined company. Shoals shareholders will receive a fixed exchange ratio of 1.6931 Array shares for each Shoals share held, leaving Shoals shareholders with approximately 65% of the combined company’s basic shares outstanding and Array shareholders with the remaining 35%.
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The merger brings together Array’s structural balance-of-system expertise — including foundations, trackers and fixed-tilt racking — with Shoals’ electrical balance-of-system solutions, covering electrical infrastructure, wire management and power delivery systems. The combined company intends to offer a unified design package, coordinated purchasing and integrated warranty support, aiming to reduce installation costs and streamline project execution for solar and storage customers over time.
“Today marks an important milestone for Shoals, Array and the customers we serve,” said Brandon Moss, CEO of Shoals, who will lead the combined company following completion of the transaction. Array’s current CEO, Kevin Hostetler, will transition to a special advisor role, while Brad Forth, current chairman of both companies, will chair the combined company’s ten-member board.
The combined company plans to announce a new corporate name and ticker symbol in the coming months. On a preliminary basis, the companies estimate pro forma full-year 2027 revenues of US$2.2 billion to US$2.4 billion and adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) of US$410 million to US$480 million, including expected first-year synergies, with more than $100 million in annual Adjusted EBITDA synergies targeted within three years of closing.
The transaction has been unanimously approved by the boards of both companies and is expected to close in the first quarter of 2027, subject to shareholder approval, regulatory clearance, Nasdaq listing authorisation and other customary closing conditions.
A consolidating balance-of-system landscape
The Array-Shoals merger follows a broader pattern of consolidation that has reshaped the balance-of-system segment of the utility-scale solar industry over the past year, with the industry’s major tracker and racking players pursuing scale and integration — rather than specialisation — as the route to durable competitive position heading into the next phase of utility-scale solar growth.
Last November, Nextracker rebranded as Nextpower and embarked on an acquisition spree of companies such as steel racking supplier Origami Solar and the power conversion assets of Zigor Corporation as it sought to reposition itself as a full-spectrum energy technology platform.
GameChange Solar has pursued a parallel strategy on the eBOS side, acquiring Terrasmart earlier this year to expand beyond its traditional tracker and racking base into electrical equipment and prefabricated solutions.
