nVent Electric PLC agreed to acquire Texas-based Maverick Power for an upfront payment of $1.75 billion.
The deal includes an additional $550 million in potential cash payments based on performance metrics in 2027 and 2028.
Maverick Power manufactures critical infrastructure including switchgear and modular power solutions for data centers.
The acquisition targets the growing demand for electrical protection and cooling driven by AI and cloud computing.
Maverick Power expects to generate approximately $700 million in revenue during 2026.
nVent anticipates the transaction will increase its adjusted earnings per share within the first year.
The companies expect the deal to close in the fourth quarter of 2026, subject to regulatory approval.