$2B Power Solutions buy adds data center segment; AT&T share hits 25.4%; debt rises 5x

Filed March 9, 2026 · Period ending January 31, 2026 · Compared to 10-K Feb 28, 2025 · ~2 min read

Key Changes

• high

  Acquired Power Solutions for $2.0B (Dec 2025), creating new Building Systems segment focused on data center electrical infrastructure. Segment contributed $95.8M revenue in Q4 but posted $9.6M pre-tax loss due to $20.4M intangible amortization.

  Business: Power Solutions acquisition verify on EDGAR →
• high

  AT&T revenue share rose from 20.1% to 25.4%; combined with Lumen (10.8%), AT&T's Feb 2026 acquisition of Lumen's fiber business will push concentration to ~36% in fiscal 2027. Verizon share jumped to 14.0% after acquiring Frontier.

  MD&A: Customer concentration verify on EDGAR →
• high

  Term debt increased from $450M to $2,340M to fund acquisition ($1,540M Term Loan A, $800M Term Loan B). Net leverage covenant relaxed from 3.50x to 4.50x through Dec 2027; interest coverage covenant eased from 3.00x to 2.50x.

  MD&A: Credit Agreement amendment verify on EDGAR →