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Flex announced that it has entered into a definitive agreement to acquire EPC Power at a value of $4.4 billion, subject to customary adjustments. The transaction is expected to close in the fourth quarter of calendar 2026, at which time EPC Power is expected to become part of Flex's Cloud and Power Infrastructure (CPI) segment. Flex plans to separate CPI into an independent publicly traded company in the first calendar quarter of 2027.
Founded in 2010 and headquartered in California, EPC Power is a leading provider of intelligent power conversion solutions for data center and grid applications, combining internally developed hardware, software and controls with U.S.-based engineering and manufacturing. The platform is engineered for next-generation 800V data center power architectures, which enables more efficient power delivery for higher-density AI infrastructure, with capabilities across rectifiers, DC-DC conversion and planned development of solid-state transformers. EPC Power has more than 15 GW deployed across 62 countries and annual U.S. manufacturing capacity will surpass 30 GW in 2027.
Combined with Flex's existing power, cooling and compute portfolio, EPC Power's differentiated power conversion capabilities broaden Flex's offering across data center and electrical infrastructure, accelerating its position for the transition to next generation 800V data center power architectures as AI workloads drive higher power densities. EPC's technology will sit at the center of next-generation data center power systems, providing grid stabilization, backup power and clean 800V to drive modern GPUs.
"A generational shift in power architecture is underway, driven by rising power density and the changing demands of digital infrastructure," said Revathi Advaithi, Chief Executive Officer of Flex. "EPC Power brings leading power conversion and grid-forming technology that positions us to capitalize on this shift, delivering 800V power conversion today and building towards solid-state transformers. Together with our existing power, cooling and compute capabilities, this transaction expands our ability to design and deliver digital infrastructure as an integrated system."
"EPC Power has built a leading position by solving some of the most difficult power conversion challenges through integrated hardware, software and controls," said Jim Fusaro, Chief Executive Officer of EPC Power. "As demand for AI infrastructure accelerates, customers need power systems that are more intelligent, efficient and resilient. Together, we will combine our capabilities and expertise to help customers meet these challenges at scale."
EPC Power is expected to generate approximately $800 million of revenue in calendar 2026, with organic revenue growth of approximately 40% expected in 2027. EBITDA margin is expected to expand by double-digit percentage points to approximately 30% in 2027.
The company is evaluating various financing alternatives and expects to fund this transaction with a combination of debt and equity.
The transaction is expected to close following receipt of customary regulatory approvals and satisfaction of other customary closing conditions.
Evercore acted as lead financial advisor to Flex. BofA Securities, Citi, and PJT Partners also provided financial advice to Flex, and Freshfields LLP provided legal counsel.
Goldman Sachs & Co. LLC. and J.P. Morgan Securities LLC. served as financial advisors, and Vinson & Elkins LLP served as legal counsel, to EPC Power and its controlling shareholders Goldman Sachs Alternatives and Cleanhill Partners.
Committed financing to support the transaction is being provided by Citi and Bank of America.
