Prysmian makes a comeback on the US market by acquiring Aktore for 3.3 billion
Another major deal on the North American market, following those involving Encore Wire and Channel – The aim is to establish a presence in a rapidly expanding sector driven by data centres, AI and electrification
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Prysmian is further strengthening its position in the United States – a market for which the dual listing option is now a ‘top priority’, as CEO Massimo Battaini noted in recent days – acquiring Atkore, a company based in Illinois, for an enterprise value of €3.3 billion. Atkore has a portfolio of products and systems used to route and protect electrical cabling (steel, PVC and aluminium pipes and conduits) which will complement Prysmian’s product range and services, with a view to capitalising on North American market investment in electrification and infrastructure linked to artificial intelligence.
In the United States, Prysmian and Atkore, according to the Italia group’s vision, ‘will create a single operator capable of simplifying and accelerating electrification projects and the construction of data centres for customers.L This 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.”
Under the all-cash deal, Prysmian will pay $95 per Atkore share, representing a premium of around 30 per cent on the closing price as at 31 July. This is Prysmian’s third major acquisition in the United States in the space of a few years; two years ago, it acquired Encore Wire for nearly €4 billion – the largest transaction in its history – followed by Channell Commercial about a year later, for around €1 billion. In recent days, whilst speaking to journalists about the company’s particularly strong second-quarter results, CEO Battini had made no secret of the fact that the group was ‘ready’ for another major acquisition. Atkore, for its part, had stated in November last year that it was working with Citigroup and JPMorgan Chase to examine strategic options, including a potential sale, in the wake of pressure from activist investor Irenic Capital Management.
Atkore generated revenue of $2.85 billion and EBITDA of $386 million in the 2025 financial year, and employs around 5,400 people globally. Prysmian expects the acquisition to generate around $150 million in pre-tax synergies on a run-rate basis within three years of the transaction’s completion. Based on the pro forma results for the 2025 financial year, the combined company would have reported approximately €22.1 billion in revenue and €2.7 billion in adjusted EBITDA, with the transaction expected to be earnings-accretive from the first full year following completion.
