Flex, a provider of advanced manufacturing and supply chain systems, has announced it plans to acquire EPC Power at a value of $4.4 billion, subject to customary adjustments. Once the transaction closes in the fourth quarter of calendar 2026, EPC Power is expected to become part of Flex’s cloud and power infrastructure (CPI) segment. Flex plans to separate CPI into an independent publicly traded company in the first calendar quarter of 2027.

Founded in 2010 and headquartered in California, EPC Power is a provider of intelligent power conversion systems for data center and grid applications, combining internally developed hardware, software and controls with U.S.-based engineering and manufacturing. The platform is engineered for next-generation 800V data center power architectures, which are designed to enable more efficient power delivery for higher-density AI infrastructure, with capabilities across rectifiers, DC-DC conversion and planned development of solid-state transformers. EPC Power has more than 15 GW deployed across 62 countries and annual U.S. manufacturing capacity will surpass 30 GW in 2027.

Combined with Flex’s existing power, cooling and compute portfolio, EPC Power’s differentiated power conversion capabilities broaden Flex’s offering across data center and electrical infrastructure, accelerating its position for the transition to next generation 800V data center power architectures as AI workloads drive higher power densities. EPC’s technology will sit at the center of next-generation data center power systems, providing grid stabilization, backup power and clean 800V to drive modern GPUs. 

“A generational shift in power architecture is underway, driven by rising power density and the changing demands of digital infrastructure,” said Revathi Advaithi, CEO of Flex. “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 towards solid-state transformers. Together with our existing power, cooling and compute capabilities, this transaction expands our ability to design and deliver digital infrastructure as an integrated system.”

EPC Power CEO Jim Fusaro said that EPC Power has solved some of the most difficult power conversion challenges with integrated hardware, software and controls. “As demand for AI infrastructure accelerates, customers need power systems that are more intelligent, efficient and resilient,’’ Fusaro said. “Together, we will combine our capabilities and expertise to help customers meet these challenges at scale.”

EPC Power is expected to generate approximately $800 million of revenue in calendar 2026, with organic revenue growth of approximately 40% expected in 2027. EBITDA margin is expected to expand by double-digit percentage points to approximately 30% in 2027.

The company is evaluating various financing alternatives and expects to fund this transaction with a combination of debt and equity, EPC Power said. The transaction is expected to close following receipt of customary regulatory approvals and satisfaction of other customary closing conditions.