Flex (NASDAQ: FLEX) plans $1.1B EP2 deal to expand critical power

Rhea-AI Filing Summary

Flex Ltd. has entered into a definitive agreement to acquire Electrical Power Products, Inc. (EP2), an engineered-to-order electrical power control and protection systems provider, in an all-cash deal valued at approximately $1.1 billion, including anticipated tax benefits of approximately $0.1 billion (about $1.0 billion after tax benefits).

EP2 is expected to generate approximately $323 million of revenue in the fiscal year ending March 31, 2026, with anticipated double-digit organic growth and a mid to high-teens adjusted EBITDA margin profile. Flex expects the acquisition to be accretive to adjusted EPS in the first full fiscal year after close, with closing targeted for the first quarter of Flex’s fiscal year 2027, subject to customary conditions including Hart-Scott-Rodino clearance.

Insights

Equity analyst

Flex is making a sizable, EPS-accretive push deeper into critical power.

Flex plans to buy EP2 for an all-cash consideration of about $1.1 billion, reflecting anticipated tax benefits of about $0.1 billion. EP2 focuses on engineered-to-order power control and protection systems for utilities, power generation, and industrial customers.

EP2 is expected to deliver around $323 million in revenue for the fiscal year ending March 31, 2026, with anticipated double-digit organic growth and a mid to high-teens adjusted EBITDA margin. The business operates a scaled manufacturing campus in Des Moines, Iowa, and serves longstanding customers in high-growth end markets such as grid modernization and data centers.

The transaction is expected to be accretive to Flex’s adjusted EPS in the first full fiscal year after close. Closing is targeted for the first quarter of Flex’s fiscal year 2027, subject to customary conditions including Hart-Scott-Rodino Act clearance, and involves integration, regulatory, and execution risks highlighted in the forward-looking statements.

8-K Event Classification

2 items: 7.01, 9.01

2 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

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

Key Figures

Transaction value: $1.1 billion Tax benefits: $0.1 billion Value after tax benefits: $1.0 billion +3 more

6 metrics

Transaction value $1.1 billion All-cash consideration for EP2, including anticipated tax benefits

Tax benefits $0.1 billion Anticipated tax benefits reflected in the EP2 transaction value

Value after tax benefits $1.0 billion Approximate transaction value after anticipated tax benefits

EP2 expected revenue $323 million Fiscal year ending March 31, 2026

EP2 operating history 35+ years Experience designing, integrating, and manufacturing engineered power systems

Expected closing period Q1 FY 2027 Targeted closing window for Flex’s fiscal year 2027

Key Terms

definitive agreement, adjusted EPS, Hart-Scott-Rodino Act, forward-looking statements, +1 more

5 terms

definitive agreement financial

"announced today that it has entered into a definitive agreement to acquire Electrical Power Products, Inc."

A definitive agreement is a formal, legally binding document that outlines the final terms and conditions of a deal or transaction, such as a sale or partnership. It acts like a detailed contract that confirms all parties have agreed on the key details, making the deal official. For investors, it signals that the agreement is settled and moving toward completion, providing clarity and security about the transaction.

adjusted EPS financial

"The transaction is expected to be accretive to adjusted EPS in the first full fiscal year after close."

Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.

Hart-Scott-Rodino Act regulatory

"subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Act."

A U.S. antitrust law that requires parties to large mergers and acquisitions to notify federal regulators and wait a set period before closing the deal, so authorities can check whether the transaction would unfairly reduce competition. For investors, the process is like notifying a referee before a major team trade: it can reveal objections, trigger investigations, delay or block a deal, and therefore affect transaction timing, value and deal risk.

forward-looking statements regulatory

"This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

Inline XBRL technical

"Cover Page Interactive Data File (formatted as Inline XBRL)"

Inline XBRL is a file format for financial filings that embeds machine-readable data tags directly inside the human-readable report, so the same document can be read by people and parsed by software. For investors it makes extracting, comparing and verifying financial numbers faster and more reliable—like a grocery list where each item also has a barcode—reducing manual errors and speeding up analysis.

Understanding 8-K Material Events →

0000866374falseSG00008663742026-03-302026-03-30

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): March 30, 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 7.01 Regulation FD Disclosure.

On March 30, 2026, Flex Ltd. (the “Company”) issued a press release announcing that the Company has entered into an agreement to acquire Electrical Power Products, Inc. A copy of the press release is furnished with this report as Exhibit 99.1.

The information in this Current Report on Form 8-K and Exhibit 99.1 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d)    Exhibits

Exhibit No.
99.1						Press release, dated March 30, 2026, issued by Flex Ltd.
104						Cover Page Interactive Data File (formatted as Inline XBRL)

2

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: March 30, 2026
			By:			/s/ Kevin Krumm
						Name:			Kevin Krumm
						Title:			Chief Financial Officer

3

EXHIBIT 99.1

PRESS RELEASE

Flex Announces Agreement to Acquire Electrical Power Products (EP2)

News summary

•Leader in engineered‑to‑order electrical power control and protection systems

•Significantly expands Flex’s Critical Power portfolio with deep utility, power generation, and industrial expertise

•Adds strong engineering talent, major Midwest manufacturing footprint, and long‑term customer relationships

AUSTIN, Texas, March 30, 2026 /PRNewswire/ -- Flex (NASDAQ: FLEX) announced today that it has entered into a definitive agreement to acquire Electrical Power Products, Inc. (“EP2”), a leading provider of engineered-to-order electrical power control and protection systems. The all-cash transaction is valued at approximately $1.1 billion and also reflects anticipated tax benefits valued at approximately $0.1 billion (approximately $1.0 billion after tax benefits). The transaction is expected to be accretive to adjusted EPS in the first full fiscal year after close.

EP2 has 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. EP2 serves a diverse set of longstanding customers and operates a scaled manufacturing campus in Des Moines, Iowa.

“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,” said Revathi Advaithi, Chief Executive Officer of Flex. “As utilities operators navigate unprecedented demand and complexity, EP2’s engineered-to-order expertise and customer centric approach will strengthen our ability to deliver dependable, scalable, and innovative power solutions.”

“This agreement positions EP2 to accelerate growth while continuing our customer focused, engineering driven culture,” said Tim O’Donnell, President of EP2. “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.”

This acquisition complements and expands Flex’s exposure to high-growth, margin-accretive end markets shaped by long-term trends such as grid modernization, electrification, data center buildout, and U.S. reshoring. It broadens the Critical Power portfolio, deepens Flex’s utility presence, and enhances engineered-to-order power distribution and control capabilities.

EP2 is expected to generate revenue of approximately $323 million in fiscal year ending March 31, 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.

Citi is serving as exclusive financial advisor to Flex. RA Capital Associates LLC is serving as exclusive financial advisor to Electrical Power Products, Inc.

About Flex

Flex (Reg. No. 199002645H) is the manufacturing partner of choice that helps a diverse customer base design and build products that improve the world. Through the collective strength of a global workforce across 30 countries and responsible, sustainable operations, Flex delivers technology innovation, supply chain, and manufacturing solutions to diverse industries and end markets.

Forward-Looking Statements

This press release 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 statements related to our planned acquisition of Electrical Power Products, Inc., the expected timing of the closing of the acquisition, the anticipated benefits of the acquisition, and our general business outlook. 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. Readers are cautioned not to place undue reliance on forward-looking statements. These risks include, among others: the failure to obtain, or delays in obtaining, required regulatory or other approvals or to satisfy other closing conditions on a timely basis or at all; the possibility that the transaction will not close or that the closing may be delayed; costs, expenses, or liabilities related to the transaction, whether or not consummated; disruption to our business as a result of the transaction; the inability to retain key personnel; diversion of management’s attention from ongoing business operations; difficulties in integrating the acquired business; and the risk that expected benefits of the acquisition may not be realized or may take longer to realize than expected. In addition, actual results are subject to other risks and uncertainties relating to our business, including those more fully described in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings we make with the SEC. All forward-looking statements in this press release are made as of the date hereof, and Flex undertakes no obligation to update or revise any forward-looking statements, except as required by applicable law.

Media contacts

Investors & Analysts

Michelle Simmons

Senior Vice President, Global Investor Relations and Public Relations

(669) 242-6332

Michelle.Simmons@flex.com

Media & Press

press@flex.com

FAQ

What acquisition did Flex (FLEX) announce involving Electrical Power Products (EP2)?

Flex announced a definitive agreement to acquire Electrical Power Products, Inc. (EP2), a provider of engineered-to-order electrical power control and protection systems. The all-cash transaction is valued at approximately $1.1 billion, including anticipated tax benefits of about $0.1 billion, or roughly $1.0 billion after tax benefits.

How much is EP2 expected to contribute in revenue to Flex (FLEX)?

EP2 is expected to generate approximately $323 million in revenue for the fiscal year ending March 31, 2026. This revenue base comes with anticipated double-digit organic growth and a mid to high-teens adjusted EBITDA margin profile, aligning with Flex’s focus on higher-margin, critical power end markets.

When is Flex’s acquisition of EP2 expected to close?

The EP2 acquisition is expected to close in the first quarter of Flex’s fiscal year 2027. Completion is subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Act, and other standard regulatory and transactional approvals referenced in the forward-looking statements.

Will the EP2 acquisition be accretive to Flex (FLEX) earnings?

Flex expects the EP2 acquisition to be accretive to its adjusted EPS in the first full fiscal year after the transaction closes. This expectation reflects EP2’s anticipated double-digit organic growth and mid to high-teens adjusted EBITDA margin profile in critical power and utility-focused markets.

What strategic benefits does EP2 bring to Flex (FLEX)?

EP2 broadens Flex’s Critical Power portfolio, deepens its presence with utility and power generation customers, and enhances engineered-to-order power distribution and control capabilities. It also adds a major manufacturing campus in Des Moines, Iowa, and long-term customer relationships in grid modernization and electrification markets.

What risks did Flex highlight regarding the EP2 acquisition?

Flex noted risks such as obtaining required approvals, potential delays or failure to close, transaction-related costs, business disruption, challenges integrating EP2, retaining key personnel, and the possibility that expected benefits, including financial contributions, may not be realized or may take longer than anticipated.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 14.1 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 23.1 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 13.3 KB