When people talk about AI data centers, the first thing that comes to mind is GPUs from companies like NVIDIA.
However, to ensure the stable operation of numerous AI accelerators, power distribution systems that safely allocate incoming power to servers and cooling equipment are also essential. As the competition in AI infrastructure expands beyond semiconductors to include power and cooling equipment, nVent, an electrical infrastructure company...has embarked on a major acquisition.
| nVent Signs Agreement to Acquire Maverick Power
nVent Electric is Maverick Power, a manufacturer of data center power distribution equipmentto $1.75 billionannounced that it had signed a definitive agreement to acquire the company.
In addition, if Maverick Power meets its specified performance targets in 2027 and 2028, it could receive up to $550 million...will be paid as an additional cash payment. If all conditions are met, the total payment amount will be up to $2.3 billionIt could grow that big.
The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approval and customary closing conditions. nVent plans to finance the acquisition using a combination of its cash on hand and new debt.
| What Kind of Company Is Maverick Power?
Maverick Power, headquartered in McKinney, Texas, is a company that manufactures power distribution and infrastructure equipment for data centers.
Its main products include low- and medium-voltage switchgear and distribution panels, integrated modular power equipment, and related services. The switchgear is installed in data centers to The role of controlling power and distributing it to the necessary equipment while protecting the facility from overloads and electrical malfunctionsDo this.
Maverick Power has approximately 900 employees in Texas and Arizona. According to nVent, Maverick Power's projected revenue for 2026 is approximately $700 millionThe company explained that its order backlog and visibility into future demand are both relatively high.
| Investing $1.75 billion in a company with projected revenue of $700 million
The base purchase price of $1.75 billion is approximately 2.5 times Maverick Power's projected revenue for 2026.
nVent explained that, based on the base purchase price, the enterprise value is approximately 11.5 times Maverick Power’s projected adjusted EBITDA for 2026. When the present value of expected tax benefits is factored in, this multiple decreases to approximately 10.5 times.
Rather than simply a transaction to acquire current revenue, the price appears to reflect not only the orders already secured but also the long-term growth potential resulting from the expansion of the AI data center. nVent expects the acquisition to contribute to an increase in adjusted earnings per share starting in the first year following the completion of the acquisition.
| Everything has to fall into place
AI servers consume significantly more power than typical servers, and the amount of power concentrated in a single rack continues to increase.
Even if sufficient power is supplied to the data center site, the facility cannot actually be operational unless that power is reliably delivered to the servers and cooling systems. This is why the production volume and installation speed of equipment such as distribution panels and switchgear can affect the data center construction schedule.
As investment in AI data centers increases, there is a growing need not only for GPUs but also for transformers, power distribution equipment, cabling infrastructure, and cooling systems. This means that the strategic value of power equipment companies—which have remained relatively under the radar until now—is on the rise.
| nVent Aims to Become a Comprehensive Infrastructure Provider
nVent has been supplying products in the fields of electrical connectivity, protection, and system cooling. By adding Maverick Power’s power distribution platform to this portfolio, we can offer data center customers a broader range of power and cooling solutions.
In particular, next-generation AI servers may require a different power infrastructure than existing data centers. nVent is Through this acquisition, the company aims to expand its capabilities to support new power architectures as well as system-level design and services. Show me.
Rather than simply selling individual pieces of equipment, offering a bundled solution—from power supply to equipment protection and cooling—makes it easier to maintain long-term relationships with customers in the large-scale data center business.
| Scope of AI Investment Benefits
The key takeaway from this deal is that the benefits of AI investment aren't limited to semiconductor and server manufacturers.
As AI models grow larger and power density in data centers increases, the importance of the power distribution, protection, and cooling equipment that keeps these facilities running also grows. This is because even if you have secured GPUs, failure to build the necessary power and cooling infrastructure in a timely manner can delay the launch of the data center.
nVent's acquisition of Maverick Power can be seen as a prime example of how power equipment companies are becoming integral parts of the AI industry's supply chain.
| Points to Review Going Forward
At this point, the acquisition agreement has been signed, but the transaction has not yet been fully completed. Regulatory approvals and closing procedures are scheduled to take place by the fourth quarter of 2026, so the actual completion date may change.
The additional payment of $550 million is not a fixed amount either; it will be determined based on performance conditions in 2027 and 2028. We need to monitor whether demand for data centers continues after the acquisition and whether Maverick Power’s order wins translate into actual revenue and profits.
If the next bottleneck in the AI data center competition shifts from GPU supply to the construction of power infrastructure, the significance of this acquisition could extend beyond a simple business merger.
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