Array Technologies Announces Acquisition of Affordable Wire Management

What Happened Array Technologies, Inc. (through its indirect subsidiary STINorland USA, Inc.) announced on July 16, 2026 that it entered into an equity purchase agreement to acquire Affordable Wire Management, LLC (AWM), a designer and manufacturer of wire management products for utility-scale photovoltaic and battery storage systems. The agreement was filed on Form 8-K and the transaction is subject to customary closing conditions, including Hart-Scott-Rodino clearance and other regulatory approvals.

Key Details

• Total consideration up to $203,000,000: base purchase price $153,000,000, deferred consideration up to $10,000,000, and performance-based earnouts up to $40,000,000.
• Deferred consideration: $5,000,000 payable on each of the first and second anniversaries of closing, subject to reduction if key sellers (Scott R. Rand or Daniel R. Smith) cease employment under certain circumstances.
• Performance earnouts: up to $8,000,000 for 2026 performance, and up to $16,000,000 for each of 2027 and 2028 (maximum $40,000,000) tied to EBITDA targets.
• Payment options: Array may pay deferred and earn-out amounts in cash, shares of common stock (valued at the 10‑day VWAP before the payment date), or a combination. Any stock issuances will be unregistered and rely on exemptions (Section 4(a)(2) and/or Rule 506); Array expects to amend the 8-K later to report issued share counts if shares are used.
• Termination/closing: customary termination rights; either party may terminate if closing has not occurred by December 13, 2026 (date may extend for regulatory approvals).

Why It Matters This acquisition adds AWM’s wire management products to Array’s portfolio, expanding its offerings for utility-scale solar and battery storage projects. The deal structure includes significant earnouts and deferred payments, which ties part of the purchase price to future financial performance and management retention. Investors should note the potential for cash outflow or equity dilution depending on Array’s election to pay in cash or stock, and that the transaction remains subject to regulatory clearance and other closing conditions.