Flex, the Singapore-headquartered contract manufacturer, has agreed to acquire EPC Power, a North American designer and manufacturer of power conversion equipment for data centers, energy storage, and microgrids, for a reported $4.4 billion. The transaction matters because it moves Flex deeper into the specialized power infrastructure required by higher-density AI computing. EPC is a developer of 800V data center power architectures, including digital rectifiers and solid-state transformers, technologies that Flex says will extend its power and thermal management portfolio into an integrated "grid-to-chip" offering. The deal is subject to regulatory approvals and is expected to close sometime in Q4 of this year.
The mechanics of the transaction place EPC within Flex's Cloud and Power Infrastructure segment, building on an existing collaboration between the two companies. EPC was founded in 2021 and has been backed by Goldman Sachs Alternatives and Cleanhill Partners, which have served as its controlling shareholders. Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC advised EPC Power and its shareholders on the transaction, with Vinson & Elkins LLP acting as legal counsel. Flex has separately announced plans to spin off its Cloud and Power Infrastructure portfolio, under which EPC will operate, meaning the acquired business will sit inside a unit already slated for structural change.
The available evidence comes from a single full-text report by Data Center Dynamics, a secondary trade publication. The report includes a statement from EPC CEO Jim Fusaro, who said the company "emerged as a US technology leader in power conversion solutions that enable the next generation of data centers, AI computing, and grid modernization." Fusaro also said EPC expanded its domestic manufacturing footprint nearly tenfold, "strengthening America's industrial base and reinforcing the critical role of US innovation in powering the future economy." The source does not provide independent corroboration of the $4.4 billion figure, nor does it disclose the deal's financing structure, revenue multiples, or detailed product specifications beyond the 800V architecture reference.
For the data center sector, the acquisition signals continued consolidation around power conversion as a bottleneck for AI infrastructure. By adding EPC's solid-state transformer and digital rectifier capabilities, Flex is positioning itself to serve customers that need higher voltage architectures to manage rising rack densities. The "grid-to-chip" framing suggests Flex wants to offer a more integrated power path from utility input to silicon, rather than discrete components. The deal also carries a domestic manufacturing angle, given EPC's stated expansion of its US footprint, which may appeal to customers and policymakers focused on supply chain resilience for critical power equipment.
The main limitation is evidentiary: the analysis rests on one secondary source read in full, and key details remain unknown. The dossier does not specify how the purchase will be funded, whether the $4.4 billion figure is enterprise value or equity value, or what regulatory approvals are required. It also does not quantify EPC's revenue, margins, or customer concentration. What to watch next includes the Q4 closing timeline, any disclosures tied to Flex's planned spin-off of its Cloud and Power Infrastructure portfolio, and whether regulators raise concerns about concentration in data center power conversion.