Array Technologies to Acquire APA Solar for $179 Million

Array Technologies has entered into a definitive agreement to acquire APA Solar, LLC for an enterprise value of $179 million, representing a multiple of 7.6x APA's trailing 12 months EBITDA (excluding 45X credits). This acquisition aims to expand Array's addressable market by nearly 40% through the addition of domestically manufactured engineered foundations and fixed-tilt solutions. It also enables Array to offer an integrated tracker and foundation system suitable for challenging soil conditions. This transaction is expected to close in the third quarter of 2025, subject to regulatory approval and customary closing conditions, and is anticipated to be accretive to Array's adjusted EPS in year one before synergies. Following the acquisition, Array will continue as a leader in providing advanced solar tracking technology, combining their expertise with APA’s foundations to present an innovative combination to the market. APA will thus strengthen Array's product portfolio and bolster U.S. manufacturing capabilities with a new facility in Ohio. The financial structure includes $168 million in upfront cash, $42 million deferred consideration, and a performance-based earnout of $40 million in Array stock. The existing management of APA, including CEO Josh Von Deylen, will remain with the company to lead the Foundation Solutions Business of Array, positioning it strategically to excel in utility-scale and commercial solar projects.