Flex buys EPC Power for $4.4B cash, subject to adjustments

The two facilities mature on October 13, 2027, and the term loan must be prepaid when Axiom funds its spin-off facility.

Rhea-AI Filing Summary

Flex Ltd. completed its acquisition of EPC Power on October 14, 2026, for $4.4 billion in cash, subject to customary adjustments. EPC Power is now a wholly owned subsidiary in Flex’s Cloud and Power Infrastructure business. Its power-conversion technology supports grid stabilization, backup power and 800V data-center architectures, with more than 15 GW deployed.

Flex funded the consideration with borrowings under its $3.3 billion term loan facility and $1.1 billion bridge facility, plus cash on hand; it borrowed both facilities on October 14, 2026, and they mature October 13, 2027. The term loan must be prepaid when Axiom funds a term loan facility for the planned spin-off. The bridge facility requires a Debt/EBITDA Ratio no higher than 4.50 to 1.00 and an Interest Coverage Ratio of at least 3.00 to 1.00 at each fiscal quarter-end. Separately, investors agreed to purchase 200,000 Axiom Series A Convertible Preferred shares at $10,000 per share, for $2.0 billion, subject to closing conditions including regulatory approvals. Axiom expects to use net proceeds partly to repay Flex’s transaction borrowings. Flex plans to spin off the business as Axiom in the first calendar quarter of 2027.

1 point · 1 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

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Positive

• Major pointEPC Power acquisition completed for $4.4 billion, adding power-conversion technology. 11% of market cap

Negative

• None.

Filing Explained

The acquisition financing carries floating rates, and Flex subsidiaries do not guarantee the bridge loan.

The EPC Power acquisition is complete; its enterprise value was fixed as of June 30, 2026, with protections against value leakage through closing, subject to permitted exceptions.

Flex’s $3.3 billion term loan and $1.1 billion bridge loan bear floating interest, based on either Term SOFR or the base rate, with margins tied to Flex’s debt ratings. The bridge facility is not guaranteed by any Flex subsidiary.

8-K Event Classification

5 items: 1.01, 2.01, 2.03, 8.01, 9.01

5 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.01 Completion of Acquisition or Disposition of Assets Financial

The company completed a significant acquisition or sale of business assets.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

EPC Power purchase price: $4.4 billion in cash Credit Facility borrowing: $3.3 billion Bridge Credit Facility borrowing: $1.1 billion +4 more

7 metrics

EPC Power purchase price $4.4 billion in cash Paid upon completion of the acquisition, subject to customary adjustments

Credit Facility borrowing $3.3 billion Borrowed October 14, 2026; facility matures October 13, 2027

Bridge Credit Facility borrowing $1.1 billion Borrowed October 14, 2026; facility matures October 13, 2027

Axiom preferred shares 200,000 shares Series A Convertible Preferred Stock purchase agreement

Preferred stock purchase price $10,000 per share Axiom Series A Convertible Preferred Stock

Preferred investment aggregate purchase price $2.0 billion Investment closing remains subject to customary conditions

Technology deployed More than 15 GW EPC Power technology

Key Terms

locked box, Term SOFR, Debt/EBITDA Ratio, Interest Coverage Ratio, +1 more

5 terms

locked box financial

"“locked box” mechanism"

A locked box is a deal mechanism used in acquisitions where the buyer and seller agree a fixed purchase price based on a past balance sheet date, and the seller guarantees that no value has been removed from the business since then. Think of it as buying a sealed piggy bank whose contents are frozen — it gives buyers certainty about price and cash in the business and shifts the risk of any value taken out before closing onto the seller, which matters to investors because it reduces post‑deal surprises and simplifies valuation.

Term SOFR financial

"Term SOFR plus an applicable margin"

Term SOFR is a benchmark interest rate that reflects the cost of borrowing money over a specific period, based on actual transactions in the financial markets. It is used by lenders and borrowers to set the interest rates on loans and financial contracts, helping to ensure rates are fair and transparent. For investors, understanding term SOFR helps gauge borrowing costs and the overall direction of interest rates in the economy.

Debt/EBITDA Ratio financial

"a Debt/EBITDA Ratio not to exceed 4.50 to 1.00"

The debt/EBITDA ratio measures a company’s total interest-bearing debt divided by its EBITDA, a common proxy for the cash a business generates from operations before interest, taxes and non-cash accounting charges. It tells investors roughly how many years’ worth of operating earnings would be needed to pay off the debt; a lower ratio implies easier debt management and lower financial risk, while a higher ratio suggests tighter cash flow and greater default or refinancing risk.

Interest Coverage Ratio financial

"an Interest Coverage Ratio of not less than 3.00 to 1.00"

A measure of how easily a company can pay the interest on its debt, calculated by comparing the earnings it generates from operations to the interest it owes. It matters to investors because a higher ratio means the company can comfortably meet interest payments — like having several paychecks set aside to cover your rent — while a low ratio signals greater risk of missed payments or financial strain.

Hart-Scott-Rodino Antitrust Improvements Act regulatory

"under the Hart-Scott-Rodino Antitrust Improvements Act of 1976"

A U.S. law that requires companies planning large mergers or acquisitions to notify federal antitrust authorities and wait for review before completing the deal. Think of it like applying for a building permit: regulators check whether the combined business would unfairly hurt competition and can clear the deal, impose changes, or seek to stop it, so the process affects transaction timing, cost, and whether expected benefits reach investors.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did FLEX pay to acquire EPC Power?

Flex paid $4.4 billion in cash, subject to customary adjustments, to acquire all equity interests of EPC Power. EPC Power is now a wholly owned subsidiary in Flex’s Cloud and Power Infrastructure business.

How did FLEX fund the EPC Power acquisition?

Flex borrowed $3.3 billion under its term loan facility and $1.1 billion under its bridge facility on October 14, 2026, and also used cash on hand. Both facilities mature October 13, 2027. Interest is floating, based on Term SOFR or the Base Rate plus a margin determined by Flex’s senior unsecured long-term debt ratings.

What regulatory conditions apply to Axiom’s preferred stock investment?

The closing remains subject to customary conditions, including expiration or termination of the applicable Hart-Scott-Rodino waiting period, including any extension, and receipt of certain other required regulatory approval.

What restrictions and financial ratios apply to FLEX’s bridge facility?

The agreement restricts, subject to exceptions, actions including incurring indebtedness, granting liens, disposing of material assets, merging or consolidating, materially changing the business and making certain accounting changes. It also requires a Debt/EBITDA Ratio no higher than 4.50 to 1.00 and an Interest Coverage Ratio of at least 3.00 to 1.00 at each fiscal quarter-end.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/14/2026 - 08:13 AM EDT Accepted by SEC EDGAR 10/14/2026 - 08:13 AM EDT Learn about SEC filing dates

false 0000866374 0000866374 2026-10-09 2026-10-09

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 9, 2026

FLEX LTD.

(Exact Name of Registrant as Specified in Its Charter)

Singapore		0-23354		98-1773351
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

12515-8 Research Blvd, Suite 300, Austin, Texas				78759
(Address of principal executive offices)				(Zip Code)

Registrant’s telephone number, including area code: (512) 425-7929

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☒ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Ordinary Shares, No Par Value		FLEX		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

On October 9, 2026 (the “Bridge Closing Date”), Flex Ltd., a company organized under the laws of Singapore (the “Company” or “Flex”) entered into a Bridge Credit Agreement (the “Bridge Credit Agreement”), by and among the Company, as borrower, the lenders party thereto and Citibank, N.A., as administrative agent, which provides a senior bridge term loan credit facility (the “Bridge Credit Facility”) in an aggregate committed amount of $1.1 billion. In connection with the consummation of the Transaction (as defined below), on October 14, 2026, the Company borrowed $1.1 billion under the Bridge Credit Facility in a single advance. The Bridge Credit Facility will mature on October 13, 2027, the date that is 364 days after the date on which it was funded.

Loans under the Bridge Credit Agreement bear interest at a floating rate, which can be, at the Company’s option, either (i) Term SOFR (as defined in the Bridge Credit Agreement) plus an applicable margin or (ii) the Base Rate (as defined in the Bridge Credit Agreement) plus an applicable margin, in each case, with such margin determined based on the Company’s senior unsecured long-term debt ratings.

The Bridge Credit Agreement contains various customary covenants, including, but not limited to, restrictions on the ability of the Company and its subsidiaries to incur indebtedness, grant liens, dispose of material assets, merge or consolidate with or into other companies, materially change the nature of their business and make certain accounting changes, in each case, subject to various exceptions. The Bridge Credit Agreement requires the maintenance of (i) a Debt/EBITDA Ratio (as defined in the Bridge Credit Agreement) not to exceed 4.50 to 1.00 as of the last day of any fiscal quarter of the Company and (ii) an Interest Coverage Ratio (as defined in the Bridge Credit Agreement) of not less than 3.00 to 1.00 as of the last day of any fiscal quarter of the Company.

The Bridge Credit Agreement also includes various customary events of default. Upon an event of default, commitments under the Bridge Credit Agreement may be terminated and outstanding borrowings may be accelerated.

The obligations under the Bridge Credit Agreement are not guaranteed by any subsidiary of the Company. The Company may, at any time after the Bridge Closing Date and upon prior written notice to the administrative agent, cause any of its subsidiaries to become a subsidiary guarantor. The information set forth in Item 2.01 and Item 2.03 of this Current Report on Form 8-K regarding the use of proceeds under the Bridge Credit Facility is hereby incorporated by reference into this Item 1.01.

A copy of the Bridge Credit Agreement is filed with this Current Report on Form 8-K as Exhibit 10.1 and is incorporated by reference into this Item 1.01 as though fully set forth herein. The foregoing summary description of the Bridge Credit Agreement is not intended to be complete and is qualified in its entirety by the complete text of the Bridge Credit Agreement.

Item 2.01. Completion of Acquisition or Disposition of Assets.

As previously disclosed, on September 3, 2026, the Company, ACS Acquisitions, Inc., a Delaware corporation and wholly owned subsidiary of the Company (the “Purchaser”), EPC Power Corp., a Delaware corporation (“EPC Power”), and Charge Parent, LLC, a Delaware limited liability company (the “Seller”), entered into a Stock Purchase Agreement (the “Purchase Agreement”), pursuant to which the Purchaser agreed to acquire all of the equity interests of EPC Power from the Seller (such transaction, the “Transaction”). On October 14, 2026, the Company completed the Transaction. EPC Power is now a wholly owned subsidiary of the Company and part of the Company’s Cloud and Power Infrastructure business, which, as previously announced, the Company plans to separate into an independent publicly traded company, Axiom Solutions International, Inc. (“Axiom”) in the first quarter of 2027 (the “Spin-Off”). Pursuant to the Purchase Agreement, the purchase price paid upon the completion of the Transaction was $4.4 billion in cash, subject to customary adjustments as set forth in the Purchase Agreement (the “Consideration”). The Purchase Agreement contains a “locked box” mechanism in which the enterprise value of EPC Power has been fixed as of June 30, 2026 (the “Locked Box Date”). EPC Power and the Seller have agreed to customary protections against leakage of value from EPC Power between the Locked Box Date and the date of the closing of the Transaction, subject to customary exceptions for permitted leakage.

The Company funded the Consideration with borrowings under the Credit Facility (as defined below), borrowings under the Bridge Credit Facility and cash on hand.

The foregoing description of the Purchase Agreement and the Transaction does not purport to be complete and is qualified in its entirety by reference to the description in the Company’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on September 4, 2026, which description is incorporated herein by reference, and the full text of the Purchase Agreement, a copy of which was filed by the Company as Exhibit 2.1 to the Company’s Current Report on Form 8-K filed with the SEC on September 4, 2026, and which is incorporated herein by reference.

As previously disclosed, on October 2, 2026, the Company and Axiom entered into a Series A Convertible Preferred Stock Investment Agreement (the “Preferred Investment Agreement”) with GC Venture XIII (ASI), L.P. and the other investors party thereto (collectively, the “Preferred Investors”), pursuant to which the Preferred Investors agreed to purchase 200,000 shares of Axiom’s Series A Convertible Preferred Stock, par value $0.0001 per share (the “Convertible Preferred Stock”), in a private placement at a per share purchase price of $10,000 and an aggregate purchase price of $2.0 billion (the “Preferred Investment”). The closing of the Preferred Investment remains subject to the satisfaction or waiver of certain customary closing conditions, including, among other things, the expiration or termination of the applicable waiting period (and any extension thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the receipt of certain other required regulatory approval. Axiom expects to use the net proceeds from the Preferred Investment to, among other things, repay borrowings incurred by the Company in connection with the Transaction.

The foregoing description of the Preferred Investment and the Preferred Investment Agreement does not purport to be complete and is qualified in its entirety by reference to the description in the Company’s Current Report on Form 8-K filed with the SEC on October 5, 2026, which

description is incorporated herein by reference, and the full text of the Preferred Investment Agreement, a copy of which was filed by the Company as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on October 5, 2026, and which is incorporated herein by reference.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

As previously disclosed, on September 29, 2026, the Company entered into a Credit Agreement (the “Credit Agreement”), by and among the Company, as borrower, the lenders party thereto and Citibank, N.A., as administrative agent, which provides for a senior term loan credit facility in an aggregate committed amount of $3.3 billion (the “Credit Facility”). In connection with the consummation of the Transaction, on October 14, 2026, the Company borrowed $3.3 billion under the Credit Facility in a single advance to pay a portion of the Consideration and other fees and expenses related to the Transaction. The Credit Facility will mature on October 13, 2027, the date that is 364 days after the date on which it was funded. Loans under the Credit Agreement bear interest at a floating rate, which can be, at the Company’s option, either (i) Term SOFR (as defined in the Credit Agreement) plus an applicable margin or (ii) the Base Rate (as defined in the Credit Agreement) plus an applicable margin, in each case, with such margin determined based on the Company’s senior unsecured long-term debt ratings. The Company is required to prepay the loans under the Credit Facility upon the funding of a term loan facility to be entered into by Axiom in connection with the Spin-Off.

As described above, in connection with the consummation of the Transaction, on October 14, 2026, the Company borrowed $1.1 billion under the Bridge Credit Facility in a single advance to pay a portion of the Consideration and other fees and expenses related to the Transaction.

The information set forth in Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 2.03.

The foregoing description of the Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Credit Agreement, a copy of which was filed by the Company as Exhibit 10.01 to the Company’s Current Report on Form 8-K filed with the SEC on October 2, 2026, and which is incorporated herein by reference.

Item 8.01. Other Events.

On October 14, 2026, the Company issued a press release announcing the completion of the Transaction. A copy of the press release is filed as Exhibit 99.1 hereto and is incorporated herein by reference.

Cautionary Statement Regarding Forward-Looking Statements

This Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipate,” “believe,” “expect,” “intend,” “may,” “plan,” “project,” “will,” and similar expressions identify forward-looking statements. These forward-looking statements include, without limitation, statements regarding the Transaction, the Preferred Investment and the Spin-Off; the expected timing of the Spin-Off and the ability to complete the Preferred Investment and the Spin-Off; the expected timing of the closing of the Preferred Investment and the expected use of the net proceeds therefrom; the anticipated synergies and benefits of the Transaction and the Spin-Off, including enhanced strategic focus, financial flexibility and value creation for shareholders; the expected tax-free treatment of the spin-off for U.S. federal income tax purposes; future performance of each of Flex and Axiom, including the business of EPC Power; the impact of the Transaction on Flex’s Cloud and Power Infrastructure business; Flex’s plans to repay borrowings incurred in connection with the Transaction; and statements about business strategies, growth opportunities, market position and financial outlook for each of Flex and Axiom. These forward-looking statements are based on current expectations, estimates and assumptions involving risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated by these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.

Risks and uncertainties related to the Transaction, the Preferred Investment and the proposed Spin-Off include, but are not limited to: uncertainties as to whether the Preferred Investment and the Spin-Off will be completed and the timing thereof; the ability to achieve anticipated ratings of the Convertible Preferred Stock; the possibility that various conditions to the completion of the Preferred Investment and the Spin-Off may not be satisfied or waived, including the failure to obtain required regulatory approvals in the expected timeframe or at all or subject to conditions that are not anticipated; the possibility that the Spin-Off will not qualify for the expected tax-free treatment for U.S. federal income tax purposes; the risk that the Spin-Off may be more difficult, time-consuming, or costly than expected, including the impact on Flex resources, systems, procedures, and controls; potential adverse effects to the businesses of Flex during the pendency of the Spin-Off, such as employee departures or distraction of management from business operations; the possibility that the strategic, operational and financial benefits of the Transaction and the Spin-Off may not be achieved or may take longer to achieve than expected, including as a result of problems arising from the integration of the business of EPC Power; the failure to obtain, or delays in obtaining, required legal, regulatory or other approvals necessary to complete the Spin-Off; disruption from the Transaction and the Spin-Off, including potential adverse effects on relationships with customers, suppliers, employees and other business partners; competitive responses to the completion of the Transaction or the announcement or completion of the Spin-Off; diversion of management’s attention from ongoing business operations; the possibility of disputes, litigation or unanticipated costs in connection with the Spin-Off; uncertainty regarding the financial performance of either company following the Spin-Off; negative effects of the completion of the Transaction and the announcement or pendency of the Preferred Investment and the Spin-Off on the market price of Flex’s securities and/or on Flex’s financial performance; the ability to achieve anticipated capital structures, credit ratings, and financing in connection with the Spin-Off; the ability to retain key personnel; impacts of geopolitical conflicts; and any changes in general economic and/or industry-specific conditions. Additional information concerning risks relating to our business is described under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of

Operations” in our most recent Annual Report on Form 10-K and in our subsequent filings with the SEC. All forward-looking statements are made as of the date hereof, and Flex assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Important Information and Where to Find It

In connection with the proposed Spin-Off, Flex has filed relevant materials with the SEC, including, among other filings, a proxy statement on Schedule 14A on October 5, 2026 (the “Proxy Statement”). The Proxy Statement has been mailed or otherwise disseminated to shareholders of Flex seeking their approval of the spin-off-related proposals. In addition, a registration statement on Form 10 (the “Form 10”) has been filed with the SEC by Axiom with respect to its common stock. This Current Report on Form 8-K is not a substitute for the Proxy Statement and Form 10 or any other document that may be filed with the SEC by Flex or Axiom. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT, THE FORM 10 AND ANY OTHER RELEVANT DOCUMENTS THAT HAVE BEEN FILED OR WILL BE FILED BY EACH OF FLEX AND AXIOM WITH THE SEC IN CONNECTION WITH THE PROPOSED SPIN-OFF (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT FLEX, AXIOM, THE PROPOSED SPIN-OFF AND RELATED MATTERS. Investors are able to obtain free copies of the Proxy Statement and Form 10 and other relevant documents (when they become available) that have been or will be filed by each of Flex and Axiom with the SEC on the SEC’s website at http://www.sec.gov. Investors also are able to obtain free copies of the Proxy Statement and other relevant documents filed by Flex with the SEC from the investor relations page on Flex’s website at investors.flex.com.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.
2.1*		Stock Purchase Agreement, dated September 3, 2026, by and among EPC Power Corp., Charge Parent, LLC, ACS Acquisitions, Inc. and Flex Ltd. (solely for the purposes of Section 13.24 thereof) (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed with the SEC on September 4, 2026).
10.1		Bridge Credit Agreement, dated as of October 9, 2026, by and among Flex Ltd., as borrower, the lenders party thereto and Citibank, N.A., as administrative agent.
10.2*		Series A Convertible Preferred Stock Investment Agreement, dated October 2, 2026, by and among Flex Ltd., Axiom Solutions International, Inc. and the investors party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on October 5, 2026).

10.3		Credit Agreement, dated as of September 29, 2026, by and among Flex Ltd., as borrower, the lenders party thereto, and Citibank, N.A., as administrative agent (incorporated by reference to Exhibit 10.01 to the Company’s Current Report on Form 8-K filed with the SEC on October 2, 2026).
99.1		Press release, dated October 14, 2026, announcing completion of the Transaction.
104		Cover Page Interactive Data File (formatted as Inline XBRL)

* Schedules and certain portions of this exhibit have been redacted in accordance with Items 601(a)(5) and 601(b)(10) of Regulation S-K.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						FLEX LTD.
Date: October 14, 2026				By:		/s/ Kevin Krumm
						Name:		Kevin Krumm
						Title:		Chief Financial Officer

Exhibit 99.1

Flex Completes Acquisition of EPC Power, Expanding Power Conversion Capabilities for AI Data Centers and Grid Applications

Acquisition strengthens Flex’s Cloud and Power Infrastructure portfolio with differentiated grid-forming and power conversion technology

AUSTIN, Texas, October 14, 2026 /PRNewswire/ — Flex (NASDAQ: FLEX) today announced that it has completed its acquisition of EPC Power, a leading provider of intelligent power conversion solutions for data center and grid applications.

EPC Power is now part of Flex’s Cloud and Power Infrastructure segment, expanding the company’s capabilities across power, cooling and compute to address growing demand for higher-density AI infrastructure and next-generation 800V data center power architectures.

“We are pleased to welcome the EPC Power team to Flex,” said Revathi Advaithi, Chief Executive Officer of Flex. “EPC Power adds differentiated power conversion and grid-forming technology to our capabilities across power, cooling and compute. Together, we can help customers address the growing power demands of AI infrastructure with more efficient, resilient and integrated solutions.”

EPC Power combines proprietary hardware, software and controls with U.S.-based engineering and manufacturing. With more than 15 GW deployed, its technology supports grid stabilization and backup power, and its platform is engineered to support next generation 800V data center power architectures.

Flex plans to separate its Cloud and Power Infrastructure segment into an independent publicly traded company, Axiom Solutions International, Inc., in the first calendar quarter of 2027.

About Flex

Flex (Reg. No. 199002645H) is the manufacturing partner of choice that helps leading brands design, build, and manage products that improve the world. With a global footprint spanning 30 countries, Flex delivers advanced manufacturing and supply chain solutions, innovative products and technology, and lifecycle services that support customers from concept to scale. In the AI era, Flex is helping customers accelerate data center deployment by solving power, heat, and scale challenges through cutting-edge power and cooling technology and scalable IT infrastructure solutions. For information about Flex’s intent to spin off its Cloud and Power Infrastructure portfolio, visit: https://flex.com/transaction-resources.

Contacts

Flex Investors & Analysts

Michelle Simmons

Senior Vice President, Global Investor Relations and Public Relations

(669) 242-6332

Michelle.Simmons@flex.com

Flex Media & Press

press@flex.com

Cautionary Statement Regarding Forward-Looking Statements

This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipate,” “believe,” “expect,” “intend,” “may,” “plan,” “project,” “will,” and similar expressions identify forward-looking statements. These forward-looking statements include, without limitation, statements regarding the planned spin-off of our cloud and power infrastructure business into an independent, publicly traded company; the expected timing of the spin-off and the ability to complete the spin-off; the anticipated benefits of the spin-off, including enhanced strategic focus, financial flexibility, and value creation for shareholders; the expected tax-free treatment of the spin-off for U.S. federal income tax purposes; the expected future performance of each company following completion of the spin-off; management changes and leadership of each company; and statements about business strategies, growth opportunities, market position, and financial outlook for each company. These forward-looking statements are based on current expectations, estimates, and assumptions involving risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated by these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.

Risks and uncertainties related to the proposed spin-off include, but are not limited to: uncertainties as to whether the spin-off will be completed and the timing thereof; the possibility that various conditions to the completion of the spin-off may not be satisfied or waived; the possibility that the spin-off will not qualify for the expected tax-free treatment for U.S. federal income tax purposes; the risk that the spin-off may be more difficult, time-consuming, or costly than expected, including the impact on Flex Ltd.’s (“Flex”) resources, systems, procedures, and controls; the possibility that the strategic, operational, and financial benefits of the spin-off may not be achieved or may take longer to achieve than expected; the failure to obtain, or delays in obtaining, required legal, regulatory or other approvals necessary to complete the spin-off; disruption from the spin-off, including potential adverse effects on relationships with customers, suppliers, employees, and other business partners; competitive responses to the announcement or completion of the spin-off; diversion of management’s attention from ongoing business operations; the possibility of disputes, litigation, or unanticipated costs in connection with the spin-off; uncertainty regarding the financial performance of either company following the spin-off; negative effects of the announcement or pendency of the spin-off on the market price of Flex’s securities and/or on Flex’s financial performance; the ability to achieve anticipated capital structures, credit ratings, and financing in connection with the spin-off; the ability to retain key personnel; impacts of geopolitical conflicts; and any changes in general economic and/or industry-specific conditions. Additional information concerning risks relating to our business is described under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Annual Report on Form 10-K and in our subsequent filings with the U.S. Securities and Exchange Commission (the “SEC”). All forward-looking statements are made as of the date hereof, and Flex assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.

Important Information and Where to Find It

In connection with the proposed spin-off, Flex has filed relevant materials with the SEC, including, among other filings, a proxy statement on Schedule 14A on October 5, 2026. The proxy statement has been mailed or otherwise disseminated to shareholders of Flex seeking their approval of the spin-off-related proposals. In addition, a registration statement on Form 10 (the “Form 10”) has been filed with the SEC by Axiom Solutions International, Inc. (“Axiom”) with respect to its common stock. This communication is not a substitute for the proxy statement and Form 10 or any other document that may be filed with the SEC by Flex or Axiom. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT, THE FORM 10 AND ANY OTHER RELEVANT DOCUMENTS THAT HAVE BEEN FILED OR WILL BE FILED BY EACH OF FLEX AND AXIOM WITH THE SEC IN CONNECTION WITH THE PROPOSED SPIN-OFF (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT FLEX, AXIOM, THE PROPOSED SPIN-OFF AND RELATED MATTERS. Investors are able to obtain free copies of the proxy statement and Form 10 and other relevant documents (when they become available) that have been or will be filed by each of Flex and Axiom with the SEC on the SEC’s website at http://www.sec.gov. Investors also are able to obtain free copies of the proxy statement and other relevant documents filed by Flex with the SEC from the investor relations page on Flex’s website at investors.flex.com.

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EX-99.1 12.2 KB

Agreements & Contracts

• EX-10.1 EX-10.1 715.8 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.1 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 17.6 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 11.0 KB