Flex inks $4.4 billion agreement to acquire EPC Power
Austin, Texas-based Flex has announced its entrance into a “definitive agreement” to acquire Californian manufacturer and inverter brand EPC Power for $4.4 billion.
First announced Sept. 3, the transaction is expected to close during Q4 2026, according to Flex representatives.
The deal comes as part of Flex’s mission to add power conversion capabilities, as well as differentiated grid-forming technologies. All of these improvements will go toward Flex’s data center and utility-scale solar applications, expanding the company’s infrastructure segment as a whole.
“A generational shift in power architecture is underway, driven by rising power density and the changing demands of digital infrastructure,” says Flex CEO Revathi Advaithi. “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.”
Flex also plans to separate its Cloud and Power Infrastructure (CPI) into its own independent, publicly traded company during Q1 2027. This corporate spin-off will come shortly after the company integrates EPC Power into its CPI operations.
Broadening company operations
The acquisition of EPC accelerates Flex’s position for “the transition to next generation 800V data center power architectures,” the company says. As data centers continue to drive higher power densities, EPC’s technology will be a crown jewel for Flex and its utility-scale operations.
“EPC Power has built a leading position by solving some of the most difficult power conversion challenges through integrated hardware, software and controls,” says Jim Fusaro, CEO 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 is also expected to drive up revenue for Flex as a whole, with Flex representatives claiming it will generate about $800 million in the 2026 calendar year. Additionally, the firm’s EBITDA margin should expand by double digit percentage points, officials say, to about 30% by 2027.
This deal is still subject to customary regulatory approvals as of Sept. 3, Flex says.
