Shoals Technologies Group, Inc. and Array Technologies, Inc. have announced a merger that will create a comprehensive energy infrastructure platform. This strategic move is designed to enhance their competitive position within the semiconductor and solar markets, allowing for greater efficiency and innovation.

The merger was discussed during a joint investor call held on November 4, 2026, where executives from both companies shared insights on the transaction's benefits. The merger is expected to simplify sourcing for customers and reduce vendor complexity, ultimately leading to accelerated project execution.

Background

Shoals Technologies Group, Inc., incorporated in Delaware, operates under the SIC code 3674, which pertains to Semiconductors & Related Devices. It is listed on the Nasdaq under the ticker SHLS. The company has been actively involved in providing electrical balance of systems solutions for the solar industry. Recent filings include a Form 425 on November 5, 2026, and a Form 8-K on the same day, indicating ongoing corporate activities.

What the Filing Says

The filing reveals that the merger will be structured as a stock-for-stock transaction, with Array Technologies being the surviving legal entity. Each Shoals shareholder will receive 1.6931 shares of Array stock for every share they own. This structure is intended to preserve Array's existing financing and minimize transaction-related risks. Brandon Moss will serve as the CEO of the combined company, while Kevin Hostetler will transition to a special advisor role.

Impact

This merger is poised to affect both companies' shareholders significantly. Shoals shareholders will own approximately 65% of the combined company, while Array shareholders will hold the remaining 35%. The transaction is also expected to create substantial synergies, with an anticipated $100 million in annual incremental EBITDA by year three. The merger is subject to approval by a majority of shareholders from both companies and is expected to close in the first quarter of 2027.

What's Next

The companies plan to file a registration statement and joint proxy statement with the U.S. Securities and Exchange Commission in the coming weeks. Investors are encouraged to review these documents carefully once they become available, as they will contain vital information regarding the merger.