Flex Ltd. announced on September 3, 2026, that it has entered into a definitive agreement to acquire EPC Power Corp. for aggregate cash consideration of $4.4 billion. The transaction, expected to close in the fourth quarter of 2026, is subject to customary closing conditions, including the expiration of the Hart-Scott-Rodino Antitrust waiting period.
Under the terms of the Stock Purchase Agreement, ACS Acquisitions, Inc., a wholly owned subsidiary of Flex, will acquire all equity interests of EPC Power from Charge Parent, LLC. The acquisition price is fixed as of June 30, 2026, via a "locked box" mechanism, with protections against value leakage between that date and the closing.
Founded in 2010 and headquartered in California, EPC Power is a provider of intelligent power conversion solutions for data centers and grid applications. The company is expected to generate approximately $800 million of revenue in calendar 2026, with organic revenue growth projected at about 40% for 2027. EBITDA margin is anticipated to expand by double-digit percentage points to approximately 30% in 2027.
Following the acquisition, EPC Power is expected to join Flex’s Cloud and Power Infrastructure business. Flex plans to separate this business into an independent publicly traded company, SpinCo, in the first quarter of 2027. Flex intends to finance the transaction with a combination of debt and equity, supported by a committed bridge facility from Citigroup Global Markets Inc. and Bank of America, N.A.
