ARRAY Technologies To Buy APA Solar For $179 Mln

(RTTNews) - ARRAY Technologies, Inc. (ARRY), a provider of solar tracking technology products, software, and services for utility-scale solar energy projects, said on Wednesday that it has inked a deal to acquire APA Solar, LLC, a provider of engineered foundation solutions and fixed-tilt mounting systems for solar projects, for around $179 million.

Kevin G. Hostetler, CEO of Array, said: "The market has been asking for an integrated tracker plus foundation platform - with this acquisition, ARRAY will be in a position to deliver it."

The acquisition of APA, to be closed in the third quarter, is expected to be accretive to the acquirer's adjusted income per share in year one before synergies.

This $179 million is comprised of $168 million of upfront cash, and $42 million of deferred consideration less $31 million of net present value of tax benefits generated as a result of the transaction.

The deferred consideration will be paid in two equal installments.

The sellers of APA will also receive a performance based earnout with an initial value of $40 million of ARRAY stock based upon APA's achievement of certain EBITDA targets.

For 2024, APA had reported revenue of around $129 million.

ARRY was down by 2.29% at $7.60 in the pre-market trade on the Nasdaq.