Flex, a company providing power and thermal management solutions, has entered into a definitive agreement to acquire EPC Power, a North American designer and manufacturer of software-defined power conversion solutions for applications, including data centers, utility-scale energy storage, and microgrids, for $4.4 billion.

Goldman Sachs & Co. and J.P. Morgan Securities served as financial advisers to EPC Power and its controlling shareholders, Goldman Sachs Alternatives and Cleanhill Partners. Vinson & Elkins served as legal counsel.

The transaction is subject to customary closing conditions, including required regulatory approvals, and is expected to close in the fourth quarter of 2026.

Following the completion of the transaction, EPC Power will operate as a business within Flex’s Cloud and Power Infrastructure segment. The agreement builds on an existing collaboration between the two companies.

The acquisition will add EPC Power’s power conversion technology to Flex’s portfolio of power and thermal management technologies for mission-critical applications.

EPC Power is said to have more than 15 GW deployed across 62 countries, and annual U.S. manufacturing capacity will surpass 30 GW in 2027.

“This is a landmark moment for EPC Power and every colleague who helped build this company. When we founded EPC Power, we set out to solve the hardest problems in power electronics, and our partnership with Goldman Sachs Alternatives and Cleanhill Partners enabled us to solve those problems for mission-critical infrastructure globally,” added Devin Dilley, Co-Founder, President and Chief Innovation Officer of EPC Power.

EPC Power’s technology includes its Agile Grid Forming system, which supports on-site energy storage, microgrid, and grid-support configurations for data centers.

According to Mercom’s recently released 1H 2026 Funding and M&A for Energy Storage report, Corporate M&A activity in the energy storage sector rose sharply in the first half of 2026, with 15 transactions announced, a 275% increase compared to four transactions in 1H 2025.

In June, T1 Energy, a solar and battery manufacturing company, entered into a definitive agreement to acquire KORE Power, a battery energy storage systems manufacturer, for approximately $32 million. The purchase enterprise value consists of equity, cash, and the assumption of debt, with an anticipated closing in the second quarter of 2026.