Array Technologies, Inc. (ARRY.O): ARRY Acquires Affordable Wire Business

Research evidence excerpt

Array Technologies, Inc. (ARRY.O): ARRY Acquires Affordable Wire Business

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17 Jul 2026 04:31:01 ET │ 11 pages

Array Technologies, Inc. (ARRY.O)

ARRY Acquires Affordable Wire Business

CITI'S TAKE

Buy / High Risk ARRY announced the acquisition of Affordable Wire Management (AWM)

for ~$203mm. This is the second M&A in roughly a year, with both Price (16 Jul 26 16:00) US$6.25

transactions expected to be accretive to adjusted EPS in year one before Target price US$12.00

synergies, as the company seeks to expand its utility-scale wallet share. Expected share price return 92.0%

Our initial takes are: 1) a larger premium was paid than for APA (~8.8x vs Expected dividend yield 0.0%

~7.6x TTM EBITDA) potentially reflecting AWM's ~40% domestic market Expected total return 92.0%

share, 2) implied TTM sales multiple of 3.4x is higher than 1.0-1.5x NXT

Market Cap US$961M and others paid for similar businesses, 3) beyond core CMS, the existing

product suite can more than double revenue/MW, 4) synergies exist via

APA manufacturing of AWM's EZ piles, and 5) StrataPack already has its

first datacenter order. In all, ARRY now has an integrated BOS platform, Vikram BagriAC

increasing its bundling ability and raising switching costs for customers, +1-212-816-4506

which should help to solidify its position versus smaller competitors. vikram.bagri@citi.com

Theodore Giletti, CFA

Acquisition Details — ARRY announced an agreement to acquire Affordable Wire +1-212-816-3835

Management (AWM), a U.S.-based provider of wire management, cable protection, theodore.giletti@citi.com

and balance-of-system solutions for utility-scale solar, energy storage, and

Vignesh Gunda

datacenter applications. The acquisition expands ARRY's cable management and +1-212-816-9667