Key Takeaways:
Prysmian agreed to buy Atkore for $95 a share in cash, a $3.8 billion bet on U.S. electrification and AI-driven data center demand.
Prysmian agreed to acquire Atkore for $95 a share in cash, valuing the U.S. electrical products maker at about $3.8 billion and creating a one-stop shop for electrification and AI-driven data center infrastructure.
"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," said Massimo Battaini, chief executive officer at Prysmian.
The offer represents a 23% premium to Atkore's 90-day volume-weighted average price as of July 31 and a 30% premium to its closing share price of $72.96 that day, according to the companies. Atkore generated $2.85 billion in revenue and $386 million in EBITDA in fiscal 2025, employing about 5,400 people across roughly 30 manufacturing and distribution centers, mostly in North America.
The transaction, unanimously approved by both boards, is expected to close by the end of 2026 pending Atkore shareholder approval and regulatory clearances, and to be high single-digit EPS accretive in the first full year before synergies.
The deal expands Prysmian's North American footprint with cable-adjacent products — steel, PVC and aluminum conduits, cable management systems, armoring and framing, and plastic pipes and fittings — that serve data centers, commercial and industrial construction, utilities and renewables. The Italian cable maker, which recorded about €20 billion in revenue in 2025 across 109 production facilities in more than 50 countries, expects the combination to generate about $150 million in annual run-rate pre-tax synergies within three years of closing.
A $22.1 billion combined group
Based on pro forma fiscal 2025 results, the combined company would have reported about €22.1 billion ($25.5 billion) in revenue and €2.7 billion in adjusted EBITDA. The deal values Atkore at 9.8 times trailing EBITDA, or 7.1 times including run-rate synergies, and is expected to be double-digit EPS accretive once those savings are realized.
Prysmian will fund the acquisition through a mix of debt, including hybrid bonds, and equity, including treasury share disposals, targeting to preserve its investment grade profile. The deal follows Prysmian's earlier North American purchases of General Cable, Encore Wire and Channell, which the company said have a track record of successful integration.
Advisors and next steps
Citi is serving as lead financial adviser to Atkore, with J.P. Morgan Securities also advising, while Debevoise & Plimpton is legal counsel. Morgan Stanley is sole financial adviser to Prysmian, with Wachtell, Lipton, Rosen & Katz as legal counsel.
Atkore canceled its earnings call scheduled for Tuesday and will instead host a call Friday, Aug. 7, to discuss fiscal third-quarter results. Prysmian's 2026 guidance, issued July 30, does not include any contribution from the acquisition and will be reassessed once the deal closes.
The acquisition reflects consolidation in the electrical and cable manufacturing sector as utilities, data center operators and grid builders race to meet surging power demand from artificial intelligence. Atkore shareholders stand to collect a cash premium on their shares, while the deal gives Prysmian a larger share of the U.S. market for electrical infrastructure products.
This article is for informational purposes only and does not constitute investment advice.
