Prysmian has entered a definitive agreement to acquire US electrical infrastructure manufacturer Atkore for $95 per share in cash, giving the business an enterprise value of approximately $3.8 billion. The transaction would add conduit, cable management, framing, armouring, pipe, fittings, and a large North American manufacturing and distribution network to Prysmian’s cable operations.
The agreed price represents a premium of about 23% over Atkore’s 90-day volume-weighted average share price at the end of July. Both boards have approved the transaction, which is targeted to close by the end of 2026, subject to Atkore shareholder approval, regulatory clearance, and other customary conditions.
Atkore operates roughly 30 major manufacturing and distribution centres, mainly in North America, with additional locations in Australia, Belgium, New Zealand, and the UK. The company employs around 5,400 people and recorded revenue of $2.85 billion and EBITDA of $386 million in its 2025 financial year.
Its portfolio sits around the cable rather than duplicating it. Steel, aluminium, and PVC conduit protect electrical wiring; trays, ladders, and baskets route and support cables; framing systems provide mounting structures; and plastic pipe and fittings serve utility, construction, industrial, transport, renewable energy, and data centre projects.
Prysmian is therefore buying a wider share of the installed electrical system as well as additional factory capacity. The combination is intended to provide cables and many of the products required to protect, route, and support them once they arrive on a project.
On an aggregated 2025 basis, the businesses would have generated approximately €22.1 billion in revenue and €2.7 billion in adjusted EBITDA. Prysmian expects about $150 million in annual run-rate pre-tax synergies within three years of completion.
The group says the acquisition should increase earnings per share by a high-single-digit percentage in the first full year before synergies and become double-digit accretive once the planned savings are achieved. Financing will combine debt, including hybrid bonds, with equity measures including the disposal of treasury shares.
Massimo Battaini, Chief Executive Officer of Prysmian, said: “Electrification, AI-driven data centers and digitalization all require major investments in infrastructure, and they are critical to the modern economy, and the opportunity is substantial in the United States.”
The industrial case rests partly on simplifying procurement. Contractors and infrastructure developers often source cables, conduit, supports, routing systems, and accessories through related but separate channels, creating additional interfaces across specification, delivery, stockholding, and installation.
A broader product offer could reduce some of that complexity, provided the combined company maintains service, product choice, and technical support. Integration will be less straightforward than arranging the catalogue because the two groups operate different factories, materials processes, information systems, commercial teams, and customer relationships.
Data centre construction is one of the markets identified by Prysmian. Large campuses require extensive power distribution, containment, communications, backup generation, and mechanical systems, while project schedules are increasingly constrained by grid connections, transformer and switchgear lead times, labour, and the availability of qualified components.
Conduit and cable management are less conspicuous than servers or substations, but a site cannot be energised without them. The same applies to utilities, industrial projects, rail, renewables, and commercial buildings, where route design, mechanical protection, fire performance, and installation speed affect the wider electrical programme.
Prysmian’s existing strengths lie in energy and digital cables, while Atkore supplies many of the components that guide, protect, and support those connections. The acquisition extends Prysmian further into electrical infrastructure without moving it into transformers, switchgear, or other major equipment classes.
Manufacturing integration will determine whether the proposed savings arrive without disrupting customers. Capturing purchasing, logistics, production, and sales synergies across dozens of facilities requires common systems and operating decisions, yet local stock and short lead times remain central to many Atkore customers.
The companies will also have to align product standards, testing, certifications, and regional specifications. Conduit, framing, and cable-management products are closely tied to building codes, installer practice, and customer approvals, so catalogue rationalisation cannot be driven solely by factory efficiency.
Prysmian has previously expanded in North America through General Cable, Encore Wire, and Channell. Atkore differs from a purchase focused mainly on cable capacity because it broadens the group’s product boundary and creates more overlap between factory output, distribution, and installation practice.
Regulators and Atkore shareholders now have to approve the transaction, while both companies prepare integration plans ahead of the proposed year-end closing. The $150 million synergy target will attract investors, but customers will judge the deal through availability, price, engineering support, and delivery performance.
Electrical infrastructure demand may be growing, particularly around data centres and grid investment, but combining two suppliers does not remove the materials, machines, labour, and local inventory needed to serve it. The acquisition creates scale; the less theatrical work begins when product lines, plants, and customer commitments have to operate as one business.
