Flex to acquire EPC Power for US$4.4 billion in AI infrastructure push
The deal would expand Flex’s power-conversion business as data-centre developers face rising electricity demands from artificial intelligence workloads.
Flex has agreed to acquire California-based power-conversion specialist EPC Power for US$4.4 billion, in a move that would broaden its infrastructure offering for artificial intelligence data centres.
The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approval and other customary conditions. Flex said it is assessing financing options and expects to fund the acquisition through a combination of debt and equity.
EPC Power supplies equipment for data centres, utility-scale energy storage and microgrids. According to Flex, it has deployed more than 15 gigawatts of equipment across 62 countries and is projected to generate about US$800 million in revenue in 2026.
Flex forecasts EPC Power’s organic revenue will grow about 40 per cent in 2027, with an EBITDA margin of roughly 30 per cent. Those figures are projections rather than reported results.
The acquisition is planned to sit within Flex’s Cloud and Power Infrastructure business, which Flex intends to separate into an independent publicly traded company in the first quarter of 2027. The proposed separation has not yet been completed.
EPC Power’s rectifiers and direct-current conversion systems are being developed for emerging 800-volt architectures for AI facilities. Flex has also developed an 800-volt direct-current power rack with NVIDIA for its Vera Rubin computing platform.
