Prysmian S.p.A. has reached a definitive agreement to acquire US-based electrical products maker Atkore Inc. for an enterprise value of approximately $3.8 billion. Prysmian will pay $95 per share in cash, which represents a 30% premium to Atkore's closing share price on July 31, 2026, and a 23% premium to the 90-day volume-weighted average share price up to the same date. Both companies' boards have unanimously approved the transaction, which is expected to close by the end of 2026, subject to Atkore shareholder and regulatory approvals.
The acquisition is strategically important for Prysmian, as it aims to strengthen its footprint in North America and expand into the market for electrical infrastructure tied to artificial intelligence and data center construction. The deal is expected to create a "one-stop shop" for electrification and AI-driven infrastructure projects by combining Prysmian's cable products with Atkore's complementary electrical infrastructure offerings. The combined company would have reported approximately €22.1 billion in revenue and €2.7 billion in adjusted EBITDA for fiscal year 2025 on a pro forma basis.
Prysmian anticipates generating approximately $150 million in annual pre-tax synergies within three years of the deal closing. The acquisition is expected to be accretive to Prysmian's earnings per share by a high-single-digit percentage in the first full year after closing, before synergies, and double digits once synergies are achieved. Atkore, which employs about 5,400 people and has around 30 plants, reported revenue of $2.85 billion and adjusted EBITDA of $386 million in fiscal year 2025. Prysmian plans to finance the acquisition through a combination of debt, hybrid instruments, and equity, including the sale of treasury shares, while aiming to preserve its investment-grade credit rating. Prysmian's current 2026 guidance does not include contributions from this deal and will be updated after Atkore is consolidated.
