Prysmian strengthens its presence in North America and a new acquisitionThe Italian group has reached a definitive agreement to acquire Atkore, a US manufacturer of components and solutions for electrical infrastructure, through an all-cash transaction from $95 per shareThe transaction gives Atkore an enterprise value of approximately 3,8 billion dollars, equivalent to 3,3 billion euros. The price recognizes a 23% bonus compared to the weighted average of stock market prices recorded in the 90 days preceding July 31, 2026.
The acquisition will allow Prysmian to broaden your scope of action Beyond cable production, accelerating the group's transformation into an integrated electrical solutions provider. The focus of the operation is primarily on the US market, data center growth, and investments in artificial intelligence infrastructure.
An integrated offering for electrical infrastructures
The integration of Atkore will allow Prysmian to complement its cables with a range of complementary products, including steel, aluminum, and PVC pipes for the protection of electrical connections, cable management systems, conduits, support structures, armor, plastic pipes, and fittings. The goal is create a single supplier in North America Able to support customers through all phases of electrification projects, from cable supply to the components needed to install and protect them. A broader sales platform should also reduce delivery times and speed up construction site work.
The operation will increase the exposure of the Italian group to some of the segments with the greatest growth prospects, including data centers, commercial and industrial buildings, energy networks, renewable sources and rail transport infrastructure.
Atkore closed fiscal year 2025 with revenues of $2,85 billion and an EBITDA of $386 million. The company employs approximately 5.400 people and operates around thirty large production and distribution centers, primarily in North America but also in Australia, Belgium, New Zealand, and the United Kingdom.
Synergies for 150 million dollars
Prysmian estimates that the combination with Atkore could generate pre-tax synergies at full capacity of approximately 150 million of dollars per year within three years of the acquisition's completion. Based on aggregate results for 2025, the new group would have posted revenues of approximately €22,1 billion and adjusted EBITDA of nearly €2,7 billion. The recognized multiple for Atkore is 9,8 times 2025 EBITDA, a figure that drops to 7,1 times after including expected synergies.
The transaction is expected to contribute positively to earnings per share in the first full year following closing, even without considering synergies. Once fully operational, Prysmian expects a double-digit percentage increase in EPS.
The financing will be achieved through a combination of debt, including hybrid bonds, and equity, including through the sale of treasury shares. The company aims to maintain its investment-grade credit rating.
Battaini focuses on the growth of artificial intelligence
For the CEO of Prysmian, Massimo Battaini, the acquisition represents a decisive step in the group's growth strategy in the United States: "Electrification, AI-powered data centers, and digitalization all require significant investments in infrastructure, are fundamental to the modern economy, and offer considerable opportunities in the United States. As a leading provider of energy and digital connections, our priority has been identify the most suitable solution To further strengthen our growth and profitability, adding the business platform and product portfolio needed to fully realize our potential. Atkore offers an attractive combination of complementary products, exposure to structural growth trends, and significant synergy opportunities, and represents a significant acceleration in Prysmian's evolution toward a full-service power solutions provider role. Prysmian's excellent track record of investing in innovation for the benefit of its customers will allow us to fully realize Atkore's potential. We are delighted to welcome its team to Prysmian as we continue to expand our power solutions portfolio in North America."
“This operation represents the the culmination of our in-depth strategic review process "This transaction is designed to maximize shareholder value and reflects the strength of Atkore's differentiated portfolio of essential electrical infrastructure products. Atkore and Prysmian are highly complementary organizations, and we believe this integration will create a stronger platform, with greater scale and a more comprehensive solutions portfolio, capable of better serving customers. Achieving this milestone reflects the dedication and hard work of our employees, and we expect Atkore to benefit from further opportunities as part of a larger global organization. We look forward to the completion of the transaction and the benefits it expects to generate for all our stakeholders," he commented. Michael V. Schrock, Chairman of the Board of Directors of Atkore,
Closing expected by the end of 2026
The transaction was unanimously approved by the boards of directors of Prysmian and Atkore. Completion is expected by the end of 2026 and remains subject to approval from the US company's shareholders, regulatory approvals, and customary closing conditions. The acquisition is part of Prysmian's expansion strategy in North America, initiated through its previous acquisitions of General Cable, Encore Wire, and Channell.
The financial targets for 2026, announced by the group on July 30, do not yet include any contribution from Atkore. The estimates will be updated following the closing of the deal and the subsequent consolidation of the US company into Prysmian's accounts.
