Italian electric cable specialist Prysmian has agreed to purchase U.S. electrical-products manufacturer Atkore in an all-cash transaction valued at $3.8 billion, the companies announced Monday.
Under the terms of the definitive agreement, Prysmian will pay $95 for each Atkore share, representing approximately a 30% premium to Atkore's close on the prior Friday. Both companies' boards gave unanimous approval to the transaction, which the parties expect to complete by the end of 2026.
The acquisition is presented by Prysmian as a strategic move to broaden its range of electrical infrastructure offerings at a time when demand is expected to increase. The company singled out expanding needs tied to electrification and the construction of artificial intelligence data centers as key drivers for stronger demand for electrical infrastructure products.
"Electrification, AI-driven data centers and digitalization all require major investments in infrastructure, and they are critical to the modern economy, and the opportunity is substantial in the United States," Prysmian CEO Massimo Battaini said in a statement.
Prysmian indicated that it will fund the takeover through a mix of debt and equity. No further financing details were disclosed in the announcement. The firms did not add further commentary on integration plans or operational specifics in the initial release.
The transaction was described as definitive, and the companies reiterated the expected timing for closing as the end of 2026. Beyond the exit timeline and the stated financing approach, the announcement did not list additional conditions or procedural steps required before completion.
Context and rationale
Prysmian framed the purchase as a way to strengthen its portfolio in segments of electrical infrastructure where demand dynamics are changing. The company emphasized that large-scale investments tied to electrification, data center expansion driven by AI, and digitalization are creating substantive market opportunities in the United States.
Deal mechanics
- Purchase price: $3.8 billion in cash.
- Per-share offer: $95 for each Atkore share, about a 30% premium to the prior Friday's close.
- Corporate approvals: Unanimous support from both companies' boards.
- Targeted close: By the end of 2026.
- Financing: A combination of debt and equity, per Prysmian.
The announcement focuses on strategic rationale and the financing approach but leaves several implementation details unspecified in this initial disclosure.