Prysmian strikes $3.8 billion Atkore buy in US in electrical push

The Milanese company is offering $95 per Atkore share in cash, a 30% premium to Friday's closing price of $72.96 based on Reuters calculations, and plans to finance the deal with a mix of equity and debt with a view to protecting its investment grade credit rating.

Shares in Prysmian opened 3% higher before reversing course to trade 2.2% lower by 0850 GMT.

Atkore, which employs around 5,400 people globally, reported revenue of $2.85 billion for 2025 and earnings before interest, tax, depreciation and amortisation of $386 million.

It makes products including electrical conduit and cable management systems and supplies data centres, utilities including renewables, and transportation, such as railways.

Prysmian CEO Massimo Battaini told analysts that as Prysmian and Atkore provided complementary products to the same customers, there would be a better chance of winning clients with a bundled offer.

Prysmian expects the acquisition to yield around $150 million of pre-tax annual benefits within three years of closing, which is expected by December 31.

It said the combined company would have reported about €22 billion in revenue for 2025 on a pro-forma basis, and in adjusted EBITDA.