Atkore International Group Inc. shares rallied dramatically in pre-market action, climbing 25.4% after the company disclosed a definitive agreement under which Italian cable maker Prysmian S.p.A. will buy Atkore in an all-cash transaction valuing the enterprise at approximately $3.8 billion.
Under the terms presented, Atkore shareholders are to receive $95.00 per share in cash - a payment that represents about a 30% premium to the company’s most recent closing price. The boards of directors at both companies gave unanimous approval to the agreement. The parties set a targeted closing date by the end of 2026, noting that the transaction remains subject to shareholder approval and customary regulatory clearances.
The acquisition announcement coincided with Atkore delivering fiscal third-quarter results that outperformed street forecasts, reinforcing investor appetite. Atkore reported earnings per share of $1.92 compared with the analyst consensus of $1.78, and quarterly revenue of $794.8 million versus an expectation of $781.1 million.
Prysmian characterized the deal as a strategic response to growing demand for electrical infrastructure driven in part by AI-related data center construction and broader electrification trends. The buyer projects the combined company will achieve roughly $150 million in run-rate pre-tax synergies within three years after closing. Atkore’s CEO Bill Waltz highlighted that the company’s strong quarterly performance and the transaction together reflect the commitment and efforts of Atkore’s team.
The broader U.S. equity market offered modest support on the trading day, with the S&P 500 up about 0.5%, the Dow Jones Industrial Average rising roughly 0.6% and the Nasdaq advancing near 0.5%. Those index moves were small relative to the company-specific developments that propelled ATKR’s pre-market surge.
In pre-market trade ATKR reached $91.50, surpassing its prior 52-week high of $90.16 as the market priced in movement toward the $95.00 deal consideration. The combination of a sizable cash premium from a well-capitalized global buyer and a concurrent earnings beat created a potent, immediate catalyst for the stock’s jump ahead of the opening bell.