Prysmian has entered into a definitive agreement to acquire Atkore for $95 per share in cash, giving the electrical infrastructure company an implied enterprise value of approximately $3.8 billion, or €3.3 billion.
The offer represents a premium of approximately 23% over Atkore’s 90-day volume-weighted average share price as of July 31, 2026.
Prysmian said the acquisition will significantly expand its North American presence and accelerate its transformation from a cable manufacturer into a broader electrical solutions provider.
The combination will bring together Prysmian’s energy and digital cable portfolio with Atkore’s cable-adjacent electrical infrastructure products. These include steel, PVC and aluminum conduits, cable management systems, armoring, framing, and plastic pipes and fittings.
The companies expect the combined platform to operate as a one-stop provider for customers developing data centers, utilities, commercial and industrial facilities, renewable energy projects, transportation infrastructure and other electrification-related assets.
Prysmian said the broader product portfolio could help customers reduce delivery times, simplify installation and improve job-site productivity, safety and electrical system reliability.
The acquisition will also increase Prysmian’s exposure to spending associated with artificial intelligence data centers, digitalization and the modernization of electrical infrastructure in the United States.
Atkore generated approximately $2.85 billion in revenue and $386 million in EBITDA during its 2025 fiscal year. The company has about 5,400 employees and operates approximately 30 major manufacturing and distribution facilities, primarily in North America, with additional locations in Australia, Belgium, New Zealand and the United Kingdom.
Based on aggregated fiscal 2025 results, Prysmian and Atkore would have generated combined net revenue of approximately €22.1 billion and adjusted EBITDA of approximately €2.7 billion.
Prysmian expects the transaction to generate approximately $150 million in annual run-rate pre-tax EBITDA synergies within three years of closing.
The acquisition is expected to be accretive to Prysmian’s earnings per share by a high-single-digit percentage during the first full year after closing, excluding synergies. Once the targeted synergies are achieved, Prysmian expects the transaction to become double-digit accretive.
Prysmian plans to fund the acquisition through a combination of debt and equity. The debt portion is expected to include hybrid bonds, while the equity component may include the disposal of treasury shares.
The financing structure is intended to preserve Prysmian’s investment-grade credit profile.
The deal follows several previous North American acquisitions by Prysmian, including General Cable, Encore Wire and Channell. Prysmian said those transactions demonstrate its ability to integrate acquired businesses and create shareholder value.
The boards of both companies unanimously approved the transaction. It is expected to close by the end of 2026, subject to approval from holders of a majority of Atkore’s outstanding shares, regulatory clearances and customary closing conditions.
Prysmian’s fiscal 2026 guidance announced on July 30 does not include any contribution from Atkore. The company plans to reassess its guidance following the completion and consolidation of the acquired business.
Support: Morgan Stanley is serving as Prysmian’s sole financial adviser, while Wachtell, Lipton, Rosen & Katz is acting as legal adviser.
KEY QUOTES:
“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.”
“Atkore offers an attractive combination of complementary products, structural growth exposure and meaningful synergy opportunities, and represents a major acceleration in Prysmian’s evolution into a fully-fledged electrical solutions provider.”
“Prysmian’s excellent track record of investing in innovation for the benefit of our customers will ensure that we will be the right owner to realize the full potential of Atkore, and we look forward to welcoming their team into Prysmian as we continue to grow our North American electrical solutions portfolio.”
Massimo Battaini, CEO of Prysmian
“This transaction is the culmination of our comprehensive strategic review process to maximize shareholder value and reflects the strength of Atkore’s differentiated portfolio of critical electrical infrastructure products.”
“Atkore and Prysmian are highly complementary organizations, and we believe this combination will create a stronger platform with greater scale and a more comprehensive portfolio of solutions to better serve customers.”
“Reaching this milestone reflects the dedication and hard work of our employees, and we expect Atkore to benefit from additional opportunities as part of a larger global organization.”
Michael V. Schrock, Chairman of the Board of Directors of Atkore
