Flex has completed its acquisition of EPC Power, the California-based power conversion company it agreed to buy for US$4.4bn in September from Goldman Sachs Alternatives and Cleanhill Partners.
Why Flex is buying EPC Power
EPC Power combines proprietary hardware, software and controls with US-based engineering and manufacturing, and its platform is designed for next-generation 800V data-centre power architectures as well as grid stabilisation and backup power. Flex said the technology is highly complementary to its existing Critical Power and Embedded Power businesses as AI drives demand for data-centre power infrastructure.
Deal terms and financing
Flex agreed on 3 September to pay US$4.4bn in cash, subject to customary adjustments, and arranged a bridge commitment of up to US$4.4bn from Citigroup and Bank of America, which it intends to replace with debt and equity. EPC Power expects revenue of about US$800m in 2026, organic growth of about 40% in 2027 and an EBITDA margin of about 30% in 2027.
Regulatory approvals and timing
The deal required customary regulatory approvals, including US Hart-Scott-Rodino clearance, and closed within the fourth-quarter timetable set at announcement.
Market context
EPC Power now sits within Flex's Cloud and Power Infrastructure segment, which Flex plans to separate as an independent public company, Axiom Solutions International, in the first calendar quarter of 2027. EPC Power has more than 15 GW deployed across 62 countries and expects US manufacturing capacity to exceed 30 GW in 2027.
