Prysmian Acquires Atkore for $3.8 Billion in Cash

The transaction is expected to generate $150 million in annual synergies while advancing electrification in North America and AI-driven data center infrastructure development.

This $3.8 billion acquisition combines Prysmian’s cable technology strengths with Atkore’s PVC conduit and plastic pipe manufacturing capabilities, making the combined company a one-stop provider in North America’s electrical infrastructure sector.

Prysmian has signed a definitive merger agreement to acquire Atkore for $95 per share in cash, with a total transaction value of approximately $3.8 billion (€3.3 billion). The transaction represents a premium of approximately 23% to the volume-weighted average share price over the 90 trading days prior to July 31, 2026, reflecting the significant strategic value of integrating the two companies’ complementary manufacturing and distribution businesses.

This acquisition will expand Prysmian’s portfolio with a highly complementary range of cable-related electrical infrastructure products, broaden its business footprint in the North American market, and accelerate its transformation into a comprehensive electrical solutions provider. Industry analysts said that AI data centers, renewable energy projects, and large-scale electrification are driving a surge in demand for electrical infrastructure, and that this acquisition is a strategic move in response to these market dynamics.

Atkore possesses strong expertise in plastics manufacturing technology.

Atkore is a U.S.-headquartered global leader in electrical and infrastructure solutions, serving multiple high-growth verticals that benefit from long-term growth trends, including data centers, commercial and industrial buildings, utilities, renewable energy, and other specialty sectors, as well as transportation areas such as rail.

The company specializes in electrical conduits that support cables (steel, PVC, and aluminum pipes used to protect cables), including cable management systems such as cable trays, ladder-type troughs, and mesh-type troughs, as well as armored and frame components, and plastic pipes and fittings. The aforementioned products are key components of modern electrical infrastructure, with PVC conduits and plastic piping systems widely used in commercial, industrial, and residential settings, playing an important role in cable protection and wiring.

In fiscal year 2025, Atkore generated revenue of US$2.85 billion and EBITDA of US$386 million. The company has approximately 30 major manufacturing and distribution centers worldwide, most of which are located in North America, with additional operations in Australia, Belgium, New Zealand, and the United Kingdom. With around 5,400 employees globally, it can bring mature manufacturing technologies and customer resources to the combined group.

The company has a well-established presence across North America, with multiple production bases equipped with PVC extrusion, metal processing, and plastic injection molding capabilities. This type of business is complementary to Prysmian’s cable manufacturing operations, creating room for joint product development.

Strategic logic closely aligns with the trend of electrification.

After the merger between Prysmian and Atkore, they will create a leading provider of electrical infrastructure solutions, becoming a one-stop procurement platform. The complementary product matrix, solid customer relationships, and comprehensive business network of both parties will support the acceleration of investments in electrification and AI-related infrastructure.

The merged group will integrate manufacturing strength, engineering expertise, and innovation capabilities to meet customers’ evolving demands for safety, quality, reliability, and delivery efficiency. With the U.S. electrical industry currently experiencing strong growth momentum, the integrated turnkey business solutions will shorten delivery cycles and accelerate installation progress. Amid industry challenges such as compressed project timelines and labor shortages, this will become a core competitive advantage.

This merger will also promote the joint research and development of cables and supporting components, improve operational efficiency at construction sites, ensure the safety of installation personnel, and enhance the overall reliability of electrical infrastructure. Engineers from both companies will collaborate to develop integrated solutions that simplify installation processes, reduce material waste, and improve system performance.

Prysmian CEO Massimo Battaini said that this acquisition is of major strategic significance and will help the company capitalize on the wave of major infrastructure developments reshaping the electrical and construction industries.

“Electrification, AI-driven data centers, and digitalization all require large-scale infrastructure investment, and these are important cornerstones of the modern economy. The U.S. market holds tremendous opportunities,” he said. “As a leading supplier in the fields of energy and digital connectivity, we have been looking for the right solutions to fully unlock the company’s potential and further enhance our growth and profitability by building high-quality business platforms and improving our product portfolio.”

Battaini pointed out that Atkore’s long-term development strategy is highly aligned with Prysmian’s: “Atkore has a complementary product portfolio, can share in structural growth dividends, and can also bring significant synergies, greatly accelerating Prysmian’s transformation into a comprehensive electrical solutions provider.”

He added: “Prysmian has always been committed to empowering customers through innovation and has an excellent track record of investing in innovation. We are fully capable of unlocking Atkore’s full potential. We look forward to the Atkore team joining Prysmian as we continue to expand our electrical solutions business in North America.”

Atkore management supports this transaction.

Atkore Chairman Michael V. Schrock stated that this transaction is the culmination of a comprehensive strategic review undertaken to maximize shareholder value and underscores the strength of Atkore’s differentiated portfolio of key electrical infrastructure products.

In the first half of 2026, Atkore initiated this strategic review and evaluated various paths to enhance shareholder value, including organic growth, potential partnerships, and a possible sale. The Board ultimately determined that Prysmian’s offer would deliver the best outcome for shareholders, employees, and customers.

“Atkore and Prysmian’s businesses are highly complementary. This merger will create a larger platform with a more comprehensive portfolio of products and solutions, enabling us to serve customers even better,” said Michael V. Schrock. “Reaching this milestone would not have been possible without the dedication and hard work of all our employees. As part of a large global group, Atkore will also gain access to greater growth opportunities. We look forward to closing the transaction and delivering the value it will create for all stakeholders.”

Industry observers noted that Atkore’s decision to sell the business reflects the broader consolidation trend in the electrical infrastructure industry. In the competitive landscape, company scale, geographic reach, and product breadth are increasingly determining competitive strength. This merger will help the new group better compete with integrated rivals while aligning with customers’ needs to simplify procurement and coordinate project delivery.

Financial projections indicate considerable potential for synergistic growth.

Based on the simulated consolidated financial statement data for the fiscal year 2025, the merged group's net revenue is approximately €22.1 billion, with adjusted EBITDA of around €2.7 billion, positioning it among the largest electrical infrastructure companies in the world.

Prysmian expects to realize approximately $150 million in annual pre-tax synergies within three years following the completion of the transaction. These synergies will come from a broad range of sources, including procurement cost savings from joint purchasing, manufacturing optimization through the integration of complementary plants, streamlining of the distribution network, and reductions in administrative expenses.

It is expected that in the first full fiscal year after the transaction is completed, without realizing the synergies, there will be a mid-single-digit increase in earnings per share; once all annualized synergies are realized, earnings per share will achieve a double-digit growth. This financial performance comes not only from the direct revenue and profit gains brought by the business merger but also from the anticipated large-scale operational optimization after the integration.

The acquisition funding will be raised through a combination of debt instruments such as hybrid bonds and equity measures such as the disposal of treasury shares, with the goal of maintaining Prysmian’s investment-grade credit rating. The company has secured the committed financing required for the transaction and will preserve ample financial flexibility to support day-to-day operations and future investment expansion.

Financial analysts have given a positive assessment of the financing structure for this transaction, believing that the financing plan balances business expansion objectives with prudent capital management. Maintaining an investment-grade credit rating can not only help secure favorable financing terms on an ongoing basis, but also preserve strategic flexibility.

The transaction continues the successful strategy of expansion in North America.

Prysmian has previously completed multiple acquisitions in North America, including General Cable, Encore Wire, and Channell. The company has extensive experience in acquisition execution and business integration, with multiple transactions continuing to create value for shareholders.

The acquisition of General Cable in 2018 significantly expanded Prysmian’s manufacturing footprint and customer base in North America. Subsequent acquisitions of Encore Wire and Channell further strengthened its specialized capabilities in building wires and cables as well as communications infrastructure. These acquisitions were all integrated smoothly, delivering the expected synergies and reinforcing Prysmian’s competitive position in the industry.

Mature integration experience gives investors and customers full confidence: Prysmian can smoothly integrate Atkore’s business, maintain service quality, and deliver synergy benefits. The company has established a standardized integration framework, a dedicated integration team, and cultural integration processes to ensure a smooth business transition.

Regulatory Approval and Closing Timeline Planning

Both companies’ boards of directors have unanimously approved the transaction. The transaction is expected to be completed by the end of 2026, subject to approval by a majority of Atkore’s outstanding shareholders, the receipt of required regulatory approvals, and the satisfaction of other customary closing conditions.

The company will file regulatory notifications with the U.S. Department of Justice and the Federal Trade Commission pursuant to the Hart-Scott-Rodino Antitrust Improvements Act. Given the complementary nature of the two businesses and the low degree of product overlap, both companies are confident that all regulatory approvals will be obtained.

Atkore will convene a special meeting of shareholders to vote on this transaction. The record date and the meeting date will be announced after the proxy materials are filed with the U.S. Securities and Exchange Commission. The Board of Directors unanimously recommends that shareholders vote in favor of this transaction.

The FY2026 guidance released on July 30, 2026 is based on Prysmian’s existing scope of consolidation and does not yet include the business contribution from this acquisition. After the transaction is completed and the target assets are formally consolidated into the financial statements, the company will reassess its guidance to incorporate the operating data of the acquired business.

Industry Impact and Market Outlook

Prysmian's acquisition of Atkore reflects the wave of consolidation in the electrical infrastructure industry. Customers are increasingly inclined to purchase integrated solutions rather than scattered components. Data center builders, utility companies, and large construction contractors prefer suppliers that can provide complete systems along with coordinated delivery and installation support.

The merged company will stand to benefit significantly from the data center construction boom driven by artificial intelligence and cloud computing. Such facilities require massive investment in electrical infrastructure, and a single hyperscale data center can consume as much electricity as a small city.

Meanwhile, as transportation, heating, and industrial processes continue to electrify, market demand for electrical conduits, cable management systems, and related infrastructure products will remain strong over the long term. Government support policies related to renewable energy and electric vehicle charging infrastructure further reinforce the industry’s long-term growth outlook.

For the plastics industry, this transaction highlights the important role of PVC and other polymer materials in electrical infrastructure. Atkore’s technological expertise in PVC extrusion and plastic pipe manufacturing complements Prysmian’s capabilities in producing polymer cable insulation and sheath layers, creating opportunities for materials innovation and supply chain optimization.

This merger case also reflects the transformation path of traditional cable manufacturers: stepping out of the core product category and transforming into comprehensive solution service providers, offering complete systems to simplify the procurement and installation processes for customers.