nVent Electric agreed to buy Maverick Power for $1.75 billion in cash, adding a data center power distribution manufacturer to its infrastructure portfolio. The deal could grow by up to $550 million more if Maverick Power hits performance targets in 2027 and 2028.

Deal terms and financing

nVent Electric plc signed a definitive agreement to acquire Maverick Power, subject to customary purchase price adjustments. Key terms:

  • Purchase price: $1.75 billion in cash
  • Potential earnout: up to $550 million, tied to Maverick Power's 2027 and 2028 performance metrics
  • Financing: cash on hand and new debt, with Bank of America providing committed bridge financing
  • Expected close: fourth quarter of 2026, subject to customary closing conditions including regulatory approval
  • Enterprise value multiple: about 11.5 times anticipated 2026 adjusted EBITDA, or about 10.5 times when adjusted for the present value of expected tax benefits

nVent said its financial returns on the deal would be significantly better if the full additional earnout consideration gets paid.

What Maverick Power brings

Maverick Power makes engineered power distribution equipment for data centers, including low-voltage switchgear and switchboards, medium-voltage switchgear, and integrated modular solutions and services. The company is headquartered in McKinney, Texas, and has about 900 employees across Texas and Arizona. nVent estimated Maverick Power's 2026 revenue at approximately $700 million, and the companies described the business as having a strong backlog and future demand visibility.

nVent Chair and CEO Beth Wozniak said Maverick Power "aligns with our strategy to focus on the high-growth infrastructure vertical." Maverick Power President and CEO Tom Currier called the deal "a significant milestone for our company."

Why nVent wanted it

nVent said the acquisition strengthens its position in the data center infrastructure vertical and adds a power distribution platform that complements its existing data center offerings. The company also said the deal will expand its offerings for new power architectures and system-level solutions and services for data centers. nVent expects the acquisition to be accretive to adjusted earnings per share in the first year after the deal closes.