Maverick's sellers bank $1.75 billion today; nVent's creditors collect 6.15% until 2036

The money moved today

Maverick Power Holdings, the seller named in nVent's purchase agreement↗, banked $1.75 billion in cash today, 1 October ¹². The business it sold is headquartered in McKinney, Texas and employs about 900 people across Texas and Arizona, making the switchgear and modular power systems that feed electricity into data centers ¹³⁸. The interest bill lands elsewhere: nVent now owes 6.150% on $800 million of new notes every six months until 2036 ².

The stack behind the wire

The 8-K filed 29 September↗ shows the funding: $800.0 million of senior notes due 15 September 2036↗, a $600.0 million three-year term loan, and up to $250.0 million of revolver draws ²⁴. Committed debt of $1.4 billion, plus the $250 million capped revolver, totals $1.65 billion against a $1.75 billion price, with cash on hand covering the gap and the fees ². On top sits up to $550 million more, payable only if Maverick hits performance metrics in 2027 and 2028 ¹³.

Two years of deleveraging, reversed in two weeks

nVent spent two years cutting debt, from $2.258 billion in September 2024 to $1.492 billion this June, even as revenue ran 52.8% higher in the June quarter ⁵. The new package is larger than all the debt nVent carried at the end of June.

The coupon costs about $49 million a year, the rate adjusts on rating events, and bondholders wrote themselves a 101% put if the deal had died past 20 November ². None of that depends on AI. The last $550 million does ¹. Buyers of a stock up 58.6% this year at 44.3 times earnings own both sides of that split ⁶⁷.

What $700 million of revenue costs

Maverick brings estimated 2026 revenue of about $700 million, 94% of it bound for data centers, at about 11.5 times anticipated adjusted EBITDA, or 10.5 times after tax benefits ³⁸. It is the largest deal in nVent's history, ahead of Avail at $975 million and ECM at $1.1 billion ⁸. nVent expects its own data-center sales to top $2 billion this year, more than double 2025, with backlog near $2.5 billion and consensus revenue of $5.45 billion ⁶⁷.

The same trade two doors down

Vertiv signed the same structure on 2 September: $1.45 billion down for UtilityInnovation Group, up to $1.15 billion more only if EBITDA targets are met over 12- and 24-month measurement periods, $2.6 billion all-in at about 13 times expected 2027 EBITDA ⁹¹⁰. Two buyers, one message: sellers prove the boom before they collect it. The bear case says hyperscalers pulling power design in-house could cut orders hard ⁷; the earnout is where that risk now sits, with the sellers.

Watch the earnout, not the close

Blaine 2, a second liquid-cooling plant the same size as the Minnesota facility that doubled nVent's capacity, opens in the first half of 2027, the same year the first Maverick metric is measured ⁶. The sellers' second check clears only if the buildout runs two more years. The coupon is due every March and September until 2036 either way ².