ARRAY Technologies Inc. said Wednesday it had agreed to combine with Shoals Technologies Group Inc. in a stock-for-stock merger, with ARRAY as the legal acquirer and corporate parent of the combined company^2,3.

Reuters described the transaction as an all-stock deal valued at $1.32 billion; the companies' own statements did not use that headline figure and instead set out a fixed share-exchange ratio^1,3.

Under the merger agreement, Shoals shareholders would receive 1.6931 ARRAY shares for each Shoals share and are expected to own about 65% of the combined company's basic shares outstanding, or about 64.5% on a fully diluted basis, according to the companies' statement³.

ARRAY, listed on Nasdaq as ARRY, supplies solar trackers and other balance-of-system hardware; Shoals, listed as SHLS, supplies electrical balance-of-system products for utility-scale solar and battery storage^2,3.

The companies said the combination would create an integrated energy-infrastructure platform spanning foundations, trackers, fixed-tilt racking, electrical infrastructure, wire management and power delivery³.

They cited a preliminary, indicative range of $2.2 billion to $2.4 billion in combined full-year 2027 revenue and $410 million to $480 million in Adjusted EBITDA, including expected first-year synergies, and more than $100 million in annual Adjusted EBITDA synergies within three years after closing³.

Closing is expected in the first quarter of 2027, subject to votes by both companies' shareholders, regulatory approvals and Nasdaq listing authorization³.

ARRAY said Shoals Chief Executive Brandon Moss would lead the combined company and that ARRAY Chief Executive Kevin Hostetler would become a special advisor³.

In a separate earnings release the same day, ARRAY reported third-quarter 2026 revenue of $330.2 million, a net loss to common stockholders of $7.9 million, and a record $2.6 billion of executed contracts and awarded orders as of Sept. 30².

ARRAY also cut full-year 2026 revenue guidance to $1.34 billion to $1.40 billion from $1.4 billion to $1.5 billion, citing shifts in the timing of some project deliveries².

What remains unknown includes whether shareholders and regulators will approve the deal, how the market will value the combined company relative to Reuters' $1.32 billion figure, and whether the synergy and 2027 revenue ranges will be met^1,3.