Array Technologies: Deal With AWM, ARRY's Entrance to Data Centers

Research evidence excerpt

Array Technologies: Deal With AWM, ARRY's Entrance to Data Centers

Deutsche Bank

Research

Rating Company Date

Hold Array Technologies 16 July 2026

North America Reuters Bloomberg Rating Hold

United States ARRY.OQ ARRY US Price target (USD) 8.90 Price at 15 Jul 26 6.37

52-week range 11.96 – 5.48

Industrials

Clean Technology Valuation & Risks

Deal With AWM, ARRY's Entrance to Data

Centers CorinneResearchBlanchardAnalyst

+1-904-645-2360

Post-market, ARRY announced it entered into a definitive agreement to acquire

Mike McNulty Affordable Wire Management (AWM), a provider of wire management and BOS Research Associate

solutions. Total consideration is $203m (cash), representing a multiple of +1-904-887-0349

approximately 8.8x AWM's TTM EBITDA. Management expects the acquisition

to be high-single-digit accretive to Adj. EPS in the first year, pre-synergies. The

transaction is expected to close 3Q26.

• Financials: Total consideration of up to $203m. This includes a $153m

(cash) base purchase price and up to $50m in additional consideration

(cash or stock at ARRY’s discretion). AWM generated nearly $60m in

revenues last 12 months. Implied valuation of ~8.8x TTM EBITDA. The

deal is expected to be accretive to Adj. EPS by a high single-digit

percentage in year one.

• Rationale: Expansion of ARRY’s product portfolio into BOS components.

Deepens ARRYs offerings for its core tracker platform while also

providing a new growth platform into BESS and datacenters.

• Timing: Expected to close in 3Q26, subject to customary closing

conditions and regulatory approvals.

DB View

Overall, we view this transaction positively, helping ARRY to position itself against

NXT’s more diversified product platform and to increase the company’s value

proposition and add-ons to customers.