Axiom agrees $2 billion preferred-equity investment led by General Catalyst
The financing will support the EPC Power acquisition as Flex prepares to separate its cloud and power infrastructure business.
Flex announced an agreement on October 5, 2026 to sell $2 billion of Axiom Solutions International's Series A convertible preferred stock to investors led by General Catalyst, with Koch Equity Development and other investors participating. The transaction values Axiom at an initial enterprise value of $37.5 billion.
Proceeds are intended to help fund the EPC Power acquisition, repay related bridge financing and cover preferred dividends or other corporate needs. The investment remains subject to regulatory approvals and customary closing conditions.
General Catalyst will gain the right to nominate one Axiom director after the planned separation from Flex. The preferred shares carry a 10% annual cash dividend before separation, with lower dividend rates afterward.
Use of funds
EPC Power acquisition
Repayment of acquisition bridge financing
Preferred dividends and general corporate purposes