EPC Power Corp. has agreed to be acquired by Flex (NASDAQ: FLEX) for $4.4 billion in a transaction expected to close in the fourth quarter of 2026, subject to regulatory approvals and other customary conditions. Flex is evaluating financing options and expects to fund the acquisition with a combination of debt and equity. California-based EPC Power develops rectifiers and DC-to-DC conversion systems for data centers, utility-scale energy storage and microgrids, and is developing equipment for the emerging 800-volt direct-current architecture intended for increasingly power-intensive AI facilities. Flex said EPC Power has deployed more than 15 gigawatts of equipment across 62 countries, with annual U.S. manufacturing capacity expected to exceed 30 GW in 2027. EPC Power is projected to generate about $800 million in revenue in 2026, while Flex expects organic revenue growth of about 40% in 2027 and an EBITDA margin of roughly 30%. The company will join Flex's Cloud and Power Infrastructure business, which Flex plans to separate into an independent publicly traded company in the first quarter of 2027. The deal builds on the companies' work on an 800 VDC power rack for NVIDIA's Vera Rubin computing platform and broadens Flex's exposure to grid-facing infrastructure, backup power and systems designed to stabilize electricity supply for volatile AI loads. EPC Power's Agile Grid Forming technology supports on-site energy storage, microgrids and grid-support configurations. Goldman Sachs Alternatives and Cleanhill Partners backed EPC Power's expansion, including a nearly tenfold increase in its domestic manufacturing footprint over four years. Goldman Sachs & Co. LLC. and J.P. Morgan Securities LLC advised EPC Power and its controlling shareholders, while Vinson & Elkins LLP provided legal counsel.