Array Technologies to buy Affordable Wire Management for as much as $203M

[Solar panels at dusk]
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Array Technologies (ARRY [https://seekingalpha.com/symbol/ARRY]) said post-market Thursday it agreed to acquire [https://seekingalpha.com/pr/20586330-array-technologies-to-acquire-affordable-wire-management-awm-creating-new-growth-platform-in] Affordable Wire Management, a provider of wire management, cable protection, and balance-of-system solutions for utility-scale solar and energy storage projects, for a total consideration of up to $203M.

Array (ARRY [https://seekingalpha.com/symbol/ARRY]) said it will pay $153M upfront, with $10M paid in installments in the two years after closing, and a $40M performance-based earnout payable in cash or stock at Array's choosing.

AWM’s products organize, secure, and protect electrical wiring to improve system reliability, safety, installation efficiency, and long-term performance; the company's trailing 12-month revenue totaled nearly $60M.

Array (ARRY [https://seekingalpha.com/symbol/ARRY]) expects the deal to be high-single-digit accretive to adjusted earnings per share in the first year after closing, before synergies.

"The acquisition of AWM will further broaden our balance-of-system portfolio and deepen our relevance to our customers as well as create new growth vectors for us in the BESS and datacenter markets," Array (ARRY [https://seekingalpha.com/symbol/ARRY]) CEO Kevin Hostetler said.

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