- ARRAY Technologies (ARRY, Financial) announces acquisition of APA Solar for $179 million, a strategic move to expand market reach by 40%.
- The acquisition is expected to be accretive to ARRAY's Adjusted EPS in the first year before synergies.
- Transaction is scheduled to close in Q3 2025, pending regulatory approvals.
ARRAY Technologies (ARRY), a leader in solar tracking technology, has entered into a definitive agreement to acquire APA Solar for an enterprise value of $179 million. This transaction, representing 7.6 times APA's trailing 12-month EBITDA, is poised to enhance ARRAY's market share by approximately 40% through the addition of APA's domestically manufactured engineered foundations and fixed-tilt solutions.
APA Solar, an Ohio-based company, is recognized for its engineered foundation solutions and generated $129 million in revenue alongside $25 million in EBITDA in 2024. The acquisition promises to broaden ARRAY's offerings by introducing an integrated tracker + foundation system designed specifically for challenging soil conditions.
The payment structure includes $168 million in upfront cash, $42 million in deferred consideration, and a potential $40 million performance-based earnout in ARRAY common stock. This strategic move is anticipated to result in high-single-digit percentage accretion to ARRAY's Adjusted EPS in the first year, even before potential synergies are realized.
Regulatory approvals and customary closing conditions are pending, with the transaction slated for completion in the third quarter of 2025. Post-acquisition, APA's management team will lead the new Foundation Solutions Business division under ARRAY, retaining its operational headquarters in Ridgeville Corners, Ohio.
