Prysmian strikes $3.8 billion Atkore buy in US in electrical push
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MILAN, Aug 3 : Italy’s Prysmian, the world’s largest cablemaker, has agreed to acquire U.S. electrical products maker Atkore in a $3.8 billion deal as it bets on electrification and AI-driven infrastructure demand.
Prysmian has been expanding its North American footprint, starting with the 2024 takeover of Texas-based copper wire manufacturer Encore Wire Corp for $4.79 billion, followed in 2025 by the $1.15 billion acquisition of Channell Commercial, a Californian designer and manufacturer of telecommunications enclosures and connectivity products.
Just weeks ago, it added a long-term agreement worth up to €5.5 billion with U.S. electronics company Molex, part of Koch group, to supply fibre optic cables for data centres.
North America currently accounts for 40 per cent of Prysmian’s revenue.
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The Milanese company is offering $95 per Atkore share in cash, a 30 per cent premium to Friday’s closing price of $72.96 based on Reuters calculations, and plans to finance the deal with a mix of equity and debt with a view to protecting its investment grade credit rating.
Shares in Prysmian opened 3 per cent higher before reversing course to trade 2.2 per cent lower by 0850 GMT.
Atkore, which employs around 5,400 people globally, reported revenue of $2.85 billion for 2025 and earnings before interest, tax, depreciation and amortisation of $386 million.
It makes products including electrical conduit and cable management systems and supplies data centres, utilities including renewables, and transportation, such as railways.
Prysmian CEO Massimo Battaini told analysts that as Prysmian and Atkore provided complementary products to the same customers, there would be a better chance of winning clients with a bundled offer.
Prysmian expects the acquisition to yield around $150 million of pre-tax annual benefits within three years of closing, which is expected by December 31.
It said the combined company would have reported about €22 billion in revenue for 2025 on a pro-forma basis, and €2.7 billion in adjusted EBITDA.
($1 = 0.8672 euros)
(Editing by Alvise Armellini, Kirsten Donovan)
Source: Reuters
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