ARRAY Technologies (ARRY) has entered into a definitive agreement to acquire APA Solar, LLC.
The acquisition is expected to be accretive to ARRAY Technologies’ Adjusted EPS in the first year before synergies.
The transaction values APA Solar at approximately $179 million, or 7.6 times trailing 12 months EBITDA excluding 45X credits.
This includes $168 million in upfront cash, $42 million in deferred consideration, and a $31 million net present value of tax benefits from the deal.
Kevin G. Hostetler, Chief Executive Officer of ARRAY Technologies, highlighted that the company’s foundation system performs reliably in challenging soil conditions and offers greater efficiency and lower installation costs than competitors.
The acquisition is expected to close in the third quarter of 2025.