Prysmian Expands U.S. Business with $3.8 Billion Atkore Acquisition
Italian cable manufacturing giant Prysmian has agreed to acquire U.S.-based electrical products company Atkore in a deal valued at $3.8 billion, strengthening its presence in the United States as demand for electrification projects and AI-powered infrastructure continues to grow.The acquisition marks Prysmian’s latest major investment in North America, following its $4.79 billion purchase of Texas-based Encore Wire in 2024 and the $1.15 billion acquisition of California’s Channell Commercial in 2025. More recently, the company secured a long-term agreement worth up to €5.5 billion with electronics manufacturer Molex to supply fiber-optic cables for data center projects.North America now generates roughly 40% of Prysmian’s total revenue, making the region a key growth market for the Milan-headquartered company.Chief Executive Officer Massimo Battaini said Atkore is a strong strategic fit that will significantly expand Prysmian’s scale and product offering in the U.S. market. He also indicated the company is already exploring additional merger and acquisition opportunities in other regions after successfully securing Atkore through a competitive bidding process.Under the agreement, Prysmian will pay $95 per share in cash for Atkore, representing a premium of around 30% over the company’s previous closing share price.Financing PlanChief Financial Officer Pier Francesco Facchini said the acquisition will be financed through a combination of funding sources. Around 20% will come from equity, including the possible sale of treasury shares, while more than 20% will be raised through hybrid financial instruments. The remaining 60% will be financed through debt.Despite the announcement, Prysmian’s shares reversed early gains. After opening about 3% higher, the stock later traded roughly 3% lower during the session.Stronger Product PortfolioAtkore employs approximately 5,400 people worldwide and reported $2.85 billion in revenue for 2025, along with $386 million in EBITDA. The company manufactures electrical conduit systems, cable management solutions, and other products used in data centers, renewable energy projects, utilities, and transportation infrastructure, including railway networks.Battaini said the two companies offer complementary products to many of the same customers, creating opportunities to provide bundled solutions and strengthen customer relationships.Prysmian expects the transaction to deliver approximately $150 million in annual pre-tax synergies within three years of completion. The acquisition is expected to close by the end of December, subject to customary approvals.On a combined pro-forma basis, the merged company would have generated approximately €22 billion in 2025 revenue and €2.7 billion in adjusted core earnings, further reinforcing Prysmian’s position as a global leader in electrical and connectivity solutions.