Italy's Prysmian completes €850 million capital hike to help fund Atkore deal

Sept. 10 (Reuters) - Italian cablemaker Prysmian completed an €850 million ($987 million) capital increase it had launched on Thursday to help fund its planned acquisition of U.S. electrical products maker Atkore.

The world's largest cablemaker said on Friday it had placed 7 million newly-issued shares, equal to about 2.4% of its share capital, through an accelerated bookbuilding to institutional investors.

The new shares, which carry regular dividend rights and the same characteristics as existing shares, were sold at €121 each, Prysmian said in a statement.

It added that the offering was "multiple times oversubscribed" and due to be settled on Sept. 15.

The proceeds will be used to partially finance the planned all-cash $3.8 billion acquisition of Atkore.

($1 = 0.8613 euros)