Key Highlights

● Flex completed its acquisition of EPC Power on 14 October 2026.

● EPC Power has more than 15 gigawatts deployed across data-centre and grid applications.

● Axiom is planned to list on Nasdaq in the first calendar quarter of 2027.

● A $2.0 billion preferred investment in Axiom was announced at a $37.5 billion enterprise value.

The acquisition completes

Flex Ltd. (NASDAQ:FLEX) announced on 14 October 2026 that it had completed the acquisition of EPC Power, which it describes as a provider of intelligent power conversion for data-centre and grid applications. EPC Power now sits within Flex's Cloud and Power Infrastructure segment. The release did not disclose the purchase price or other financial terms.

It says EPC Power has more than 15 gigawatts deployed and a platform designed for next-generation 800-volt data-centre power architectures. Chief executive Revathi Advaithi said EPC Power adds differentiated power conversion and grid-forming technology. She is also expected to lead Axiom after the separation, which links the operating leadership of both companies.

The Axiom spin-off

The segment is due to be separated as Axiom Solutions International, which Flex plans to list on Nasdaq under the symbol AXM in the first calendar quarter of 2027. Axiom filed a Form 10 registration statement with the US Securities and Exchange Commission on 15 September 2026. The separation requires final board approval, Form 10 effectiveness and approval from Flex shareholders and the Singapore High Court. The company has scheduled an Innovation Day in Austin on 10 November.

On 5 October Flex announced a $2.0 billion investment in Series A Convertible Preferred Stock of Axiom, led by General Catalyst and Koch Equity Development, at an initial enterprise value of $37.5 billion.

Terms of the preferred investment

The preferred stock carries a 10.0 per cent annual cash dividend before separation, falling afterwards to 6.0 per cent in cash or 7.0 per cent if paid in kind, with possible increases after the fifth anniversary. Proceeds partly fund the EPC Power purchase, repay any bridge financing, cover dividends and support general corporate purposes. Flex has separately secured committed term-loan financing for the rest of the price.

General Catalyst may nominate one director after separation. The investment is subject to customary regulatory approvals and closing conditions. General Catalyst's Madhu Namburi said AI diffusion requires modern power solutions at scale. PJT Partners (NYSE:PJT) is advising Flex, with Skadden, Arps, Slate, Meagher & Flom as its legal counsel.

Latest reported results

Flex's most recent reported quarter, the first of fiscal 2027, ended 26 June 2026. According to market data, revenue was $7.93 billion, up 20.6 per cent from $6.58 billion, and net income was $285 million, compared with $192 million. Diluted earnings per share were $0.76, against $0.50. Flex reports on a fiscal year ending in March, so comparisons with calendar-year peers need care.

The second-quarter results are due before the US market opens on Wednesday 28 October 2026, with a call at 8:30 am Eastern.

Modular data centres and the Axiom timetable

In the same week, Flex also announced an expansion of its prefabricated modular data-centre portfolio aimed at speeding AI factory deployment. The separation timetable runs through the October results, the November Innovation Day, the progress of the Form 10, and shareholder and court approvals.

With the purchase price of EPC Power undisclosed, its contribution to a quarter in which Flex reported revenue of $7.93 billion is not yet quantified.