Deal includes $95 per share plus debt and targets $150 million in annual synergies by 2029, enhancing U.S. electrification market presence.
Prysmian will acquire Atkore for $3.8 billion, or $95 per share, plus debt, marking its expansion into electrical installation components beyond cables. The transaction aims to capture $150 million in annual synergies by 2029 through cross-selling and operational efficiencies, with earnings accretion expected from the first year.
The deal follows Prysmian’s 2024 acquisition of Encore Wire and strengthens its foothold in the U.S. data-center and electrification markets. Atkore’s portfolio includes conduits, fittings, and cable trays, complementing Prysmian’s cable offerings to create a comprehensive supply solution for distributors and engineering firms.
Financing will combine debt, equity, and hybrid instruments while maintaining an investment-grade credit rating. Prysmian CEO Massimo Battaini highlighted the strategic fit, noting the combined portfolio improves bid competitiveness in key markets.