NVent to acquire Maverick Power for up to $2.3B to deepen its AI data center footprint

NVent Electric is writing another large check for the AI data center boom. The company announced a definitive agreement to acquire Maverick Power, a North American manufacturer of engineered power distribution equipment, for a base price of $1.75 billion, with up to $550 million in additional earn-out payments tied to 2027 and 2028 performance targets.

That puts the total potential price tag at roughly $2.3 billion. Maverick Power is projected to generate approximately $700 million in revenue in 2026.

Inside the deal

The transaction is valued at approximately 11.5x Maverick Power’s anticipated 2026 adjusted EBITDA. Maverick specializes in low and medium-voltage switchgear and switchboards, the kind of heavy-duty electrical distribution equipment that hyperscale data centers consume in enormous quantities.

The acquisition is expected to close in the fourth quarter of 2026, pending regulatory approvals. NVent projects the deal will be accretive to its adjusted earnings per share in the first full year after closing.

Maverick Power CEO Tom Currier founded the company around 2020.

NVent’s M&A playbook takes shape

This isn’t nVent’s first acquisition aimed squarely at data center demand. The company completed its purchase of Avail Infrastructure Solutions’ Electrical Products Group for $975 million in May 2025.

The earn-out structure means the final price depends on Maverick hitting performance targets over 2027 and 2028. If Maverick underperforms relative to expectations, nVent pays the base $1.75 billion and walks away from the incremental $550 million.

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