Prysmian to buy Atkore for $95 per share in $3.8 billion deal

MILAN, Aug 3 (Reuters) - Italian cable maker Prysmian said on Monday it agreed to acquire U.S.-based electrical products maker Atkore for $95 per share in cash, giving the company an implied enterprise value of around $3.8 billion.

• The offer represents a roughly 23% premium to Atkore's 90-day volume-weighted average share price as of July 31, Prysmian said.

• The deal expands Prysmian’s North American footprint creating "a one-stop shop" for electrification and AI-driven infrastructure projects, including data centers.

• Atkore generated revenue of $2.85 billion and an EBITDA of $386 million in the 2025 fiscal year, and employs around 5,400 people globally.

• Prysmian expects the acquisition to generate about $150 million run-rate pre-tax synergies within three years of closing.

• 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, with the deal expected to be earnings accretive from the first full year after closing.

• The transaction, unanimously approved by both boards, is expected to close by the end of 2026, subject to Atkore shareholder approval, regulatory clearances and customary closing conditions.

• Prysmian's current 2026 guidance does not take into account the the Atkore acquisition. The company said it would update its outlook once the deal closes and Atkore is consolidated into its results.

($1 = 0.8672 euros)

(Reporting by Claudia Cristoferi, editing by Alvise Armellini)