AI data center and electrical infrastructure demand surges, Prysmian acquires Atkore (ATKR.US) for $3.8 billions

According to Jinse Finance APP, Italian cable giant Prysmian SpA released a statement on Monday announcing that it has reached an all-cash acquisition agreement to acquire the American electrical manufacturing company Atkore Inc. (ATKR.US). Under the agreement, Prysmian will acquire Atkore, headquartered in Harvey, Illinois, at a price of $95 per share, corresponding to an enterprise value of about $3.8 billion. This offer represents a premium of approximately 30% over Atkore’s closing price on July 31 and confirms previous reports regarding the imminent transaction. Atkore's stock price surged nearly 30% in pre-market trading.

Atkore primarily manufactures various products and systems for the layout and protection of electrical wiring. This acquisition marks the latest step in Milan-headquartered Prysmian’s strategy to expand within the US market.

In recent years, the company has continued to strengthen its US business through a series of mergers and acquisitions—two years ago, Prysmian acquired Encore Wire for nearly €4 billion (approximately $4.6 billion), setting a company record for its largest ever deal; about a year later, it acquired Channell Commercial Corp. for around €1 billion.

Prysmian CEO Massimo Battaini stated in an interview this May that the company has been seeking potential acquisition targets in the market with an enterprise value of about €4 billion. He also revealed that Prysmian plans to achieve a dual listing in the United States, calling it a “top priority”, though he did not provide a clear timeline.

Atkore announced in November last year that it had hired Citigroup and JPMorgan to assist in evaluating strategic options, including a potential sale. This strategic review was initiated under pressure from the activist investment firm Irenic Capital Management.