Flex to Buy EPC Power in $4.4 Billion Deal
The electronics manufacturer said the purchase expands its Cloud and Power Infrastructure unit as data centers shift to 800V power architectures.
Flex (FLEX) agreed to acquire EPC Power for $4.4 billion, a move the electronics manufacturer said will expand its Cloud and Power Infrastructure business as AI infrastructure demand rises and data centers move toward next-generation 800V power architectures.
The company did not specify whether the purchase is cash, stock, or a mix. It said the deal is expected to close in the fourth quarter of calendar 2026.
Chief Executive Officer Revathi Advaithi framed the acquisition around a change in how data centers are powered rather than a single product line. “A generational shift in power architecture is underway, driven by rising power density and the changing demands of digital infrastructure,” she said. “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 toward solid-state transformers.”
That language places EPC Power on the grid-to-rack side of the data center power stack, a layer where Flex has been adding capability. In March, Flex agreed to buy Electrical Power Products, Inc. (EP2) in an all-cash deal valued at about $1.1 billion, which it described as a significant expansion of its Critical Power portfolio with utility, power-generation, and industrial expertise. Flex completed that purchase in May and folded EP2 into its Embedded and Critical Power business, citing grid modernization, electrification, data-center demand, and U.S. reshoring.
EPC Power is a larger step. The $4.4 billion price is roughly four times the EP2 purchase, and the rationale is narrower: 800V conversion and grid-forming technology aimed at AI data centers. Advaithi’s reference to solid-state transformers points to a longer-horizon product path beyond the current 800V conversion offering.
Other infrastructure suppliers have been buying adjacent power-conversion and grid-interconnect assets on similar AI-power logic. Vertiv agreed in September to acquire UtilityInnovation Group for about $1.45 billion in cash, with earnouts of up to $1.15 billion, to add microgrid controls and behind-the-meter power architecture. Analog Devices agreed in May to buy Empower Semiconductor for $1.5 billion in cash to extend high-density power delivery closer to the processor. Navitas agreed in August to acquire Claros for up to about $232.8 million to add vertical power delivery and integrated voltage regulators. Those deals sit at different points in the power chain; Flex’s EPC Power purchase is positioned at the higher-voltage conversion and grid-forming layer.
Flex said the acquisition is intended to capitalize on growing AI infrastructure demand and the shift to 800V architectures. The company did not disclose EPC Power’s revenue, earnings, or how the purchase will be funded. Closing is expected in the fourth quarter of 2026, subject to customary conditions.