Flex has agreed to acquire EPC Power for $4.4bn in a deal aimed at expanding its offerings for data centres.
The transaction, which remains subject to regulatory approvals and standard closing conditions, is expected to conclude in the fourth quarter of 2026.
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On completion, EPC Power will become part of Flex’s Cloud and Power Infrastructure (CPI) segment.
Flex also plans to separate the CPI business and establish it as an independent publicly traded entity in the first quarter of 2027.
EPC Power, founded in 2010 and based in California, US, provides power conversion systems used in data centres and grid environments.
The company specialises in technology designed for 800V data centre power architectures, supporting efficient delivery for high-density artificial intelligence infrastructure.
Its products include rectifiers, DC-DC converters, and ongoing developments such as solid-state transformers.
EPC Power has deployed over 15GW of equipment across 62 countries and is forecasting its annual US manufacturing capacity to exceed 30GW by 2027.
Flex expects that incorporating EPC Power’s technology will expand its current portfolio, which covers power, cooling, and compute infrastructure for data centres.
The transaction is aimed at strengthening Flex’s position as demand increases for more advanced power systems that support next-generation data centre performance and AI workloads.
These technologies are important for providing grid stabilisation and backup power in modern facilities.
Flex CEO Revathi Advaithi said: “A generational shift in power architecture is underway, driven by rising power density and the changing demands of digital infrastructure.
“Power brings leading power conversion and grid-forming technology that positions us to capitalise 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.”
In 2026, EPC Power is anticipated to generate nearly $800m in revenue, with projected organic growth of around 40% in 2027 and an EBITDA margin of about 30% in the same year.
Flex plans to finance the deal through a mix of debt and equity.
