Prysmian comes through the placement of 2 per cent at a slight discount unscathed
The total gross value amounts to approximately 850 million euros. The net proceeds from the capital increase will be used to partially finance the acquisition of Atkore
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(Il Sole 24 Ore Radiocor) - Prysmian is up following the placement of shares representing over 2 per cent of the share capital. The shares, which initially opened slightly lower, subsequently moved into positive territory.
The company has announced that it has successfully completed the placement of newly issued ordinary shares for a total gross amount of approximately 850 million euros, carried out via an accelerated bookbuilding process aimed exclusively at qualified or institutional investors. Based on demand, which exceeded supply many times over, the issue price of the new shares issued as part of the capital increase was set at 121 euros per share. Consequently, 7,024,793 new shares were to be issued as part of the placement, representing approximately 2.40 per cent of the share capital. The net proceeds from the capital increase will be used to partially finance the acquisition of Atkore, which has an enterprise value of $3.8 billion.
Following the transaction, Banca Akros has reaffirmed its ‘Neutral’ recommendation, setting a target price of 130 euros – higher than the current market price.
Last month, the company led by Massimo Battaini signed an agreement to acquire the US firm Atkore, with the aim of creating a single provider in North America, capable of simplifying and accelerating electrification projects and the construction of data centres for its customers. It will be a leading supplier of electrical infrastructure solutions, operating as a one-stop shop by combining complementary products, strong customer relationships and a strengthened sales network, to support the acceleration of investment in electrification and infrastructure related to artificial intelligence.
According to Prysmian, based on the pro forma combined results for the 2025 financial year, the combined group is expected to generate net revenue of approximately €22.1 billion and adjusted EBITDA of approximately €2.7 billion. The transaction will expand Prysmian’s range of products and services in North America, and broaden the group’s portfolio with complementary products for electrical infrastructure. Furthermore, the company explains, it will further increase exposure to long-term structural growth trends linked to electrification and investment in data centres.
