Flex to acquire EPC Power for $4.4 billion in data center deal

Flex (NASDAQ: FLEX) has agreed to acquire EPC Power Corp for $4.4 billion, the companies announced Sept. 3, 2026. The deal is subject to customary closing conditions, including regulatory approvals, and is expected to close in the fourth quarter of 2026.

EPC Power, based in Poway, California, designs and manufactures software-defined power conversion systems for data centers, utility-scale energy storage and microgrids. Once the transaction closes, EPC Power will become a business within Flex's Cloud and Power Infrastructure segment, building on a collaboration the two companies already had.

The technology

EPC Power's 800-volt data center power architectures, including digital rectifiers and solid-state transformers, are built to deliver reliable power to higher-density AI infrastructure. The company's Agile Grid Forming technology supports on-site energy storage, microgrid and grid-support setups for data centers, which EPC Power says let operators energize capacity faster and ride through grid instability. The companies described the deal as extending an integrated grid-to-chip portfolio.

Who's involved

EPC Power CEO Jim Fusaro said the company "expanded our domestic manufacturing footprint nearly tenfold" over the past four years, with backing from Goldman Sachs Alternatives and Cleanhill Partners. Co-Founder, President and Chief Innovation Officer Devin Dilley called the sale "a landmark moment for EPC Power and every colleague who helped build this company."

Alexander Mass, Global Co-Head of Energy Transition Investing within Private Equity at Goldman Sachs Alternatives, said EPC Power supports grid reliability and speed to power amid growing energy security concerns. Cleanhill Partners Managing Partners Ash Upadhyaya and Rakesh Wilson said the firm first invested in EPC Power in 2021.

Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC served as financial advisors to EPC Power and its controlling shareholders, Goldman Sachs Alternatives and Cleanhill Partners. Vinson & Elkins LLP served as legal counsel to the same parties.