Key Points

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• Prysmian plans to acquire Atkore for $3.8 billion, or $95 per share plus debt, expanding beyond cables into conduits, fittings, cable trays and other electrical installation components.

• Prysmian is targeting $150 million in annual synergies by 2029, primarily from commercial cross-selling and operational efficiencies, with the deal expected to be accretive to earnings from the first year.

• The acquisition strengthens Prysmian's position in the growing U.S. data-center and electrification markets by combining Atkore's installation products with Prysmian's cable portfolio; financing will use debt, equity and hybrid debt while aiming to preserve an investment-grade rating.

Prysmian said its planned acquisition of Atkore (NYSE:ATKR) would expand its U.S. electrification portfolio beyond cables into installation components, positioning the combined company as a one-stop supplier for distributors, engineering firms and data-center customers.

Speaking on a conference call, Prysmian CEO Massimo Battaini said the transaction builds on the company's 2024 acquisition of Encore Wire and is intended to strengthen its presence in the U.S. electrification market. Atkore's portfolio includes steel conduits, pipes, electrical fittings, metal framing, cable trays and wire baskets used to install and manage cables in residential, non-residential, industrial and data-center applications.

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"When you sell the cables plus components, you enhance your chances to win the bid," Battaini said. "You become stronger, you sell more than individually because it is actually a package."

Transaction Value and Synergy Targets

Prysmian put the enterprise value of the acquisition at $3.8 billion, or $95 per share plus debt. Based on Atkore's 2025 results, the company said the transaction implies a 9.8-times EBITDA multiple, declining to 7.1 times after expected synergies.

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Atkore generated $2.8 billion in revenue in 2025, with EBITDA of $306 million and an EBITDA margin of 14%, according to Prysmian. The company operates 30 factories and has international operations accounting for roughly 15% to 16% of revenue, including locations in Canada, Australia and New Zealand, the United Kingdom, Europe and South America.

Prysmian is targeting $150 million in annual synergies by the end of 2029. Management said approximately $100 million of that target would come from commercial opportunities, while about $50 million would be derived from operational efficiencies, including procurement, organizational changes and manufacturing optimization.