A multilevel converter comprising a first switching branch connected between a positive DC-link terminal and an AC output terminal and comprising series-connected first and second switching elements, a second switching branch connected between the AC output terminal and a negative DC-link terminal and comprising series-connected third and fourth switching elements, a third switching branch connected between a DC-link neutral point and a connection point of the first and the second switching elements, a fourth switching branch connected between the DC-link neutral point and a connection point of the third and the fourth switching elements, the fourth switching branch being completely independent from the third switching branch, and a flying capacitor connected between the connection point of the first and the second switching elements and the connection point of the third and the fourth switching elements.