Flex agrees to buy EPC Power for $4.4 billion
Flex has signed a definitive agreement to acquire California-based EPC Power for $4.4 billion in a cash-and-stock deal expected to close in the fourth quarter of 2026, subject to regulatory approvals. EPC Power supplies 800V power conversion, rectifiers, DC-to-DC converters and grid-forming systems, and has deployed over 15 gigawatts across 62 countries with plans to expand domestic throughput beyond 30 gigawatts in 2027. EPC is on track for roughly $800 million revenue in 2026; Flex projects about 40% organic revenue growth and margin expansion toward a roughly 30% EBITDA margin in 2027. Flex will fund the purchase with debt and equity and intends to spin out its cloud and power infrastructure business as a public company in the first quarter of 2027.
Flex will acquire EPC Power to strengthen AI data center power capabilities
Context
Data center workloads need more power. EPC Power makes high-voltage and grid-stabilizing equipment used by data centers and utilities. The deal must clear regulators and then Flex plans a CPI spin-off early in 2027.
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