The Daily Dig
Flex has agreed to acquire EPC Power Corp. for $4.4 billion. The deal was announced September 3, 2026 and is expected to close in the fourth quarter of 2026, pending regulatory approval. Once it closes, the power conversion manufacturer will become part of Flex's Cloud and Power Infrastructure segment, building on a collaboration the two companies already had in place.
Power Play
EPC Power builds power conversion systems for data centers, utility-scale energy storage, and microgrids. Their 800-volt data center power architectures include digital rectifiers and solid-state transformers, built to move power more efficiently into higher-density AI infrastructure.
Power availability has become the gating factor for data center growth. AI workloads create volatile, large-swing power draws that can destabilize local grids. EPC's Agile Grid Forming technology is designed to let operators energize capacity faster and ride through that instability.
CEO Jim Fusaro credited the run-up to the sale to the company's backers. "Together with Goldman Sachs Alternatives and Cleanhill Partners, EPC Power emerged as a U.S. technology leader in power conversion solutions that enable the next generation of data centers, AI computing, and grid modernization."
Goldman Sachs Alternatives and Cleanhill Partners are EPC Power's controlling shareholders, with Cleanhill investing in 2021. Under that ownership, the company expanded its domestic manufacturing footprint nearly tenfold. Goldman Sachs & Co. and J.P. Morgan Securities advised on the deal, with Vinson & Elkins serving as legal counsel.
Snapshot:
Company Acquired: EPC Power Corp.
Acquirer: Flex (NASDAQ: FLEX)
Deal Value: $4.4 billion
Announcement Date: September 3, 2026
Expected Close: Q4 2026
Deal Status: Definitive agreement signed, subject to customary closing conditions and regulatory approval
Post-Close Structure: EPC Power becomes a business within Flex's Cloud and Power Infrastructure segment
Prior Relationship: Deal builds on an existing collaboration between Flex and EPC Power
Release Location: Poway, California
EPC Power Focus: Power conversion solutions for data centers, utility-scale energy storage, and microgrids
Key Technology: 800-volt data center power architectures, digital rectifiers, solid-state transformers, Agile Grid Forming™
Manufacturing Footprint Growth: Expanded domestic U.S. manufacturing nearly tenfold under current ownership
Controlling Shareholders: Goldman Sachs Alternatives and Cleanhill Partners (Cleanhill invested in 2021)
Financial Advisors: Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC
Legal Counsel: Vinson & Elkins LLP
TheJobWalk Thoughts
This deal builds on a relationship Flex and EPC Power already had, which usually means a smoother handoff than a cold acquisition. That's worth noting if EPC is already in your supply chain, since existing partnerships tend to carry fewer surprises through a transition than a first-time integration would.
Worth watching is how Flex positions this alongside its existing power and thermal portfolio. The release frames it as a "grid-to-chip" play, language that often signals a company wants to sell power and cooling as one package rather than separate line items. Subs and suppliers bidding electrical scope on data center work should keep an eye on how Flex packages EPC's technology once the deal closes.
The bigger number here is the price tag itself. A $4.4 billion valuation on a power conversion company says a lot about where investment is flowing in data center infrastructure right now. Power availability is already described as the gating factor on how fast these projects get built, and deals like this one suggest the market is pricing that constraint accordingly.
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