Flex to Acquire Electrical Power Products in $1.1 Billion Deal

Acquisition expands Flex's critical power portfolio and utility expertise

Mar. 30, 2026 at 1:05pm

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Flex, a leading provider of engineered-to-order electrical power control and protection systems, has announced a definitive agreement to acquire Electrical Power Products, Inc. (EP2) for approximately $1.1 billion. The all-cash transaction is expected to be accretive to Flex's adjusted EPS in the first full fiscal year after close.

Why it matters

The acquisition of EP2 significantly expands Flex's Critical Power portfolio, deepening the company's utility presence and enhancing its engineered-to-order power distribution and control capabilities. This move positions Flex to play a larger role in modernizing the electrical infrastructure in the U.S. as utilities navigate growing demand and complexity.

The details

EP2 is a leading provider of engineered-to-order electrical power control and protection systems, serving a diverse set of longstanding customers in the utility, power generation, and industrial sectors. The company operates a scaled manufacturing campus in Des Moines, Iowa and is expected to generate revenue of approximately $323 million in fiscal year 2026, with anticipated double-digit organic growth and a mid to high-teens adjusted EBITDA margin profile.

  • The transaction is expected to close in the first quarter of Flex's fiscal year 2027, subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Act.
  • Flex management will further discuss the acquisition on its upcoming earnings call.

The players

Flex

A leader in engineered-to-order electrical power control and protection systems, and the manufacturing partner of choice that helps a diverse customer base design and build products that improve the world.

Electrical Power Products, Inc. (EP2)

A leading provider of engineered-to-order electrical power control and protection systems, with more than 35 years of experience designing, integrating, and manufacturing highly engineered control and relay panels and modular, integrated control buildings for utility, power generation, and industrial customers.

Revathi Advaithi

Chief Executive Officer of Flex.

Tim O'Donnell

President of EP2.

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What they’re saying

“The addition of EP2 expands our capabilities to play a larger role in modernizing the electrical backbone of the U.S., while broadening the portfolio of critical power technologies we can offer our customers.”

— Revathi Advaithi, Chief Executive Officer of Flex

“This agreement positions EP2 to accelerate growth while continuing our customer focused, engineering driven culture. Flex's scale, global capabilities, and commitment to investment support long‑term opportunity for our employees and customers. We look forward to joining Flex and building on our momentum.”

— Tim O'Donnell, President of EP2

What’s next

The transaction is expected to close in the first quarter of Flex's fiscal year 2027, subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Act.

The takeaway

This acquisition strengthens Flex's position as a leading provider of engineered-to-order electrical power solutions, enabling the company to play a more significant role in modernizing the U.S. electrical infrastructure and better serve its utility, power generation, and industrial customers.