Flex has entered into a definitive agreement to acquire EPC Power for $4.4 billion in cash, subject to customary adjustments. The planned purchase targets power-conversion systems to sit alongside Flex's existing compute, power, and cooling products for data centers and grid systems.
EPC produces power-conversion hardware, software, and controls with U.S.-based engineering and manufacturing. Flex says the platform is engineered to support next-generation 800V DC architectures in AI facilities, consolidating grid connection, backup storage, and power delivery. Its current lineup includes active digital rectifiers and DC-DC conversion hardware alongside grid-forming controls for load smoothing. In an investor presentation, Flex distinguished those active rectifiers from solid-state transformers, which remain in development without guaranteed rollout schedules.
Flex's materials describe the intended benefits without providing independent efficiency measurements. The hardware does not bypass utility interconnection requirements.
The deal has been signed rather than completed. Closing is expected in calendar Q4 2026, subject to conditions including the expiration of the U.S. antitrust waiting period. Flex obtained a commitment for a 364-day bridge financing facility of up to $4.4 billion, subject to funding conditions. It intends to replace the bridge with a combination of debt and equity financing.
If finalized, EPC will join Flex's Cloud and Power Infrastructure (CPI) business group. Flex then intends to separate CPI into an independent, publicly traded company in calendar Q1 2027.