ARRAY Technologies to Acquire APA Solar

Core Viewpoint - ARRAY Technologies has announced the acquisition of APA Solar, enhancing its capabilities in engineered foundation solutions and fixed-tilt mounting systems for solar projects, which is expected to be accretive to its Adjusted EPS in the first year before synergies [1][4]. Acquisition Details - The acquisition transaction values APA at approximately $179 million, representing a multiple of 7.6x trailing 12 months EBITDA, excluding 45X credits [3][4]. - APA generated approximately $129 million in revenue and $25 million in EBITDA in 2024, excluding 45X credits [1]. - The deal includes $168 million in upfront cash consideration and $42 million in deferred consideration, with $31 million of net present value of tax benefits factored in [3][4]. Strategic Benefits - The acquisition allows ARRAY to offer an integrated tracker and foundation system, addressing challenging soil conditions without the need for specialized installation equipment [2][4]. - The addition of domestically manufactured engineered foundations and fixed-tilt solutions expands ARRAY's addressable market by nearly 40% [4]. - The partnership is expected to enhance operational excellence and provide expanded resources and expertise for both companies [3][6]. Management and Operations - Following the acquisition, APA's senior management team will remain in place and lead the new "Foundation Solutions Business" within ARRAY [6]. - The headquarters and principal manufacturing operations of APA will continue to be located in Ridgeville Corners, Ohio [6]. Timeline and Conditions - The transaction is expected to close in the third quarter of 2025, pending regulatory approvals and customary closing conditions [4][7].