Array Technologies Inc. (ARRY): Announced acquisition of AWM complements solutions and expected to be immediately accretive

Research evidence excerpt

Array Technologies Inc. (ARRY): Announced acquisition of AWM complements solutions and expected to be immediately accretive

Equity Research

16 July 2026 | 11:02PM EDT

Array Technologies Inc. (ARRY): Announced acquisition of AWM

complements solutions and expected to be immediately accretive

Post close on 7/16, ARRY announced it entered into a definitive agreement to Brian Lee, CFA

+1(917)343-3110 | brian.k.lee@gs.com

acquire Affordable Wire Management (AWM), with the transaction expected to close Goldman Sachs & Co. LLC

in 3Q26 subject to customary closing conditions. Total consideration for the deal is Tyler Bisset, CFA

up to $203mn, representing an ~8.8X TTM EBITDA multiple according to the +1(212)357-5510Goldman Sachs & Co.| tyler.bisset@gs.comLLC

company. Management estimates that the transaction will be high single digit Keshav Choudhary

accretive to adj. EPS in year one, excluding synergies. AWM offers cable management +1(332)245-7971keshav.choudhary@gs.com|

solutions for utility-scale solar projects in the US, with specialty products aimed at Goldman Sachs India SPL

supporting the battery storage and data center end markets, and expands ARRY’s

annual TAM by $200mn-$250mn. Management plans to update its guidance metrics

after the deal closes. We highlight key takeaways here within.

Implications

Acquisition of AWM. After market close on 7/16, ARRY announced that it entered

into a definitive agreement to acquire AWM, a leading wire-management provider

for utility-scale solar projects. AWM maintains a proprietary design that provides

enhanced durability, improved thermal management, and reduced resistive losses as

compared to more traditional options. In particular, AWM’s products have