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Array Technologies will merge with Shoals in a deal valued at over $1 billion
Shoals shareholders will own roughly 65% of the combined company
65%Shoals shareholders' share of ownership
Sources: Albuquerque Journal, markets.businessinsider.com
View as table
| Value | |
|---|---|
| Shoals shareholders' share of ownership | 65% |
If you follow Albuquerque's solar industry, this one's big. Array Technologies, one of New Mexico's few publicly traded companies, announced a merger Wednesday with Tennessee-based Shoals Technologies Group in a deal valued at over $1 billion. An Array spokesperson wrote in an email that the combined company's headquarters and principal place of business will remain in New Mexico.
The combined company will legally be known as Array. Array makes trackers and Shoals makes electrical wiring. Asked about jobs, the spokesperson said the stock-for-stock merger "does not change either company's existing manufacturing operations or commitments to local communities."
- Array stock: up nearly 15%, $5.33 a share at close
- Shoals stock: up 8%, roughly $9.16 a share Wednesday evening
- Brad Forth, on both boards, will chair the new board
- New name and ticker symbol: to be announced
Few solar projects use both companies' products today
- $20 million
- in expected cost savings from overhead and other expenses
- 20%
- of solar projects use products from both companies today
- $50 million
- for the West Side factory expansion Hostetler oversaw
Source: Albuquerque Journal
Array projects the combined company will earn between $2.2 and $2.4 billion in revenue in 2027. Brandon Moss, Shoals' CEO, will lead it. Array CEO Kevin Hostetler becomes a special adviser.
