Flex agrees to buy EPC Power for $4.4 billion cash; close eyed for Q4 2026.

Flex entered a definitive agreement on September 3, 2026 to acquire EPC Power for $4.4 billion in cash, subject to customary adjustments, with closing expected in the fourth quarter of calendar 2026 — after which EPC Power is expected to join Flex’s Cloud and Power Infrastructure business ahead of a planned Q1 2027 CPI spin.

Flex Ltd. (Nasdaq: FLEX) filed a Form 8-K (AccNo 0001193125-26-382492; Date of earliest event September 3, 2026; Items 1.01, 8.01, and 9.01) reporting that on September 3 it entered a Stock Purchase Agreement to buy EPC Power Corp. The SEC index shows Filing Date 2026-09-04 and Accepted 2026-09-03 at 21:40:45. Item 8.01 furnishes Exhibit 99.1, an Austin-dated September 3, 2026 press release titled “Flex to Acquire EPC Power, Adding Leading Power Conversion Capabilities for AI Data Centers and Grid Applications,” and Exhibit 99.2, an investor presentation.

EPC Power here is a California-based power-conversion company — a different issuer and a different deal from Net Power’s previously reported EMPower EPC assignment on tickergrove.com.

What Flex agreed to buy

Under Item 1.01, Flex, ACS Acquisitions, Inc. (a Delaware wholly owned subsidiary of Flex, as Purchaser), EPC Power Corp. (a Delaware corporation), and Charge Parent, LLC (Seller) entered a Stock Purchase Agreement dated September 3, 2026. The Purchaser will acquire all of the equity interests of EPC Power from the Seller. Flex is a party solely for purposes of guaranteeing the Purchaser’s obligations under the agreement.

Exhibit 99.1 says EPC Power was founded in 2010 and is headquartered in California. The release describes it as a provider of intelligent power conversion solutions for data center and grid applications, combining internally developed hardware, software, and controls with U.S.-based engineering and manufacturing. The platform is engineered for next-generation 800V data center power architectures, with capabilities across rectifiers, DC-DC conversion, and planned development of solid-state transformers. The release states EPC Power has more than 15 GW deployed across 62 countries and that annual U.S. manufacturing capacity will surpass 30 GW in 2027.

Consideration, locked box, and close window

Purchaser agreed to acquire the Shares for aggregate cash consideration of $4.4 billion, payable at closing, subject to customary adjustments. The Purchase Agreement uses a “locked box” mechanism that fixes EPC Power’s enterprise value as of June 30, 2026, with customary leakage protections through closing.

The transaction is expected to close in the fourth quarter of calendar 2026, subject to customary closing conditions, including expiration or termination of the applicable Hart-Scott-Rodino waiting period. The Purchase Agreement includes customary termination rights, including if the transaction has not been consummated on or before December 31, 2026, subject to two automatic three-month extensions under certain circumstances.

Where it sits — and the CPI spin clock

At closing, EPC Power is expected to become part of Flex’s Cloud and Power Infrastructure (CPI) segment. Flex plans to separate CPI into an independent publicly traded company in the first calendar quarter of 2027. That spin timing is restated in both Item 1.01 and Exhibit 99.1; it is not a new spin announcement in this AccNo alone.

In the furnished release, Flex CEO Revathi Advaithi framed a “generational shift in power architecture” driven by rising power density and digital-infrastructure demand, saying EPC Power brings power conversion and grid-forming technology that positions Flex for 800V conversion today and solid-state transformers later. EPC Power CEO Jim Fusaro said the company has built its position by solving difficult power-conversion challenges through integrated hardware, software, and controls.

Growth and margin prints in the release

Exhibit 99.1 states EPC Power is expected to generate approximately $800 million of revenue in calendar 2026, with organic revenue growth of approximately 40% expected in 2027. EBITDA margin is expected to expand by double-digit percentage points to approximately 30% in 2027. Those figures are company expectations in the furnished release — not historical audited results printed as closed books in this AccNo.

Flex says it is evaluating various financing alternatives and expects to fund the transaction with a combination of debt and equity. Committed financing to support the transaction is being provided by Citi and Bank of America, per Exhibit 99.1.

Advisors as printed

Evercore acted as lead financial advisor to Flex. BofA Securities, Citi, and PJT Partners also provided financial advice to Flex; Freshfields LLP provided legal counsel. Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC served as financial advisors, and Vinson & Elkins LLP as legal counsel, to EPC Power and its controlling shareholders Goldman Sachs Alternatives and Cleanhill Partners.

Still open after the announcement

Whether and when HSR clearance and other closing conditions are satisfied. Whether the December 31, 2026 outside date — or either automatic three-month extension — is used. Final cash consideration after locked-box adjustments. Exact debt-and-equity financing mix and terms. Whether the Q1 2027 CPI spin proceeds on the stated timetable and on the expected tax treatment. Whether the printed ~$800 million / ~40% / ~30% 2026–27 expectations hold. Companies/FLEX on tickergrove.com may soft-404 and is not required for this filing story; /stocks/FLEX is live.