Flex to acquire Crown Technical Systems for $325M

Flex has entered into a definitive agreement to acquire Crown Technical Systems, a provider of fully integrated power distribution and protection systems, for $325M in an all-cash transaction. The transaction is expected to be accretive in the first year after closure. Crown Technical Systems has a set of customers spanning utilities, data centers, and power generation, with facilities in California, Texas, and Canada. Crown Technical Systems is expected to generate revenue of approximately $120M and high-teens EBITDA margin in FY25, which ends on March 31, 2025. The transaction is expected to close no later than December 2024, subject to customary closing conditions, including regulatory approval.