Prysmian S.p.A. has agreed to acquire U.S.-based electrical infrastructure company Atkore Inc. in a deal valued at approximately $3.8 billion. The all-cash acquisition is designed to strengthen Prysmian’s position in North America and expand its product portfolio beyond cables into broader electrical infrastructure solutions. The deal also gives Prysmian greater exposure to fast-growing areas such as AI data centers, electrification, power infrastructure and grid modernization.
Deal Snapshot
| Deal Detail | Information |
| Acquirer | Prysmian S.p.A. |
| Acquirer Ticker | |
| Target | Atkore Inc. |
| Target Ticker | NYSE: ATKR |
| Acquirer Country | Italy |
| Target Country | United States |
| Deal Type | Acquisition through merger |
| Deal Value | Approximately $3.8 billion |
| Industry | |
| Offer Price | $95 cash per Atkore share |
| Payment | All cash |
| Atkore FY2025 Revenue | Approximately $2.85 billion |
| Atkore FY2025 EBITDA | Approximately $386 million |
| Expected Annual Synergies | Approximately $150 million pre-tax EBITDA |
| Key Growth Areas | Data centers, electrification, power infrastructure |
| U.S. Antitrust Review | Completed |
| Atkore Shareholder Vote | October 7, 2026 |
| Expected Closing | By the end of calendar year 2026 |
| Current Status | Pending completion |
Prysmian S.p.A.: Company Introduction
Prysmian S.p.A. is an Italy-based global company specializing in energy and digital connectivity infrastructure. The company manufactures cables, systems and related solutions used across power transmission, electricity distribution, electrification and telecommunications.
Prysmian has a global presence across more than 50 countries, with around 34,000 employees, more than 100 production facilities and several research and development centers.
In simple terms, Prysmian makes many of the products required to transmit electricity, distribute power and connect digital networks.
The company is listed on the Milan Stock Exchange and is one of the major players in the global cable and electrical infrastructure industry.
What Does Atkore Do?
Atkore Inc. is a U.S.-based manufacturer of electrical infrastructure products.
Its portfolio includes products such as:
- Electrical conduits
- Cable management systems
- Cable trays
- Ladders and baskets
- Electrical framing systems
- Steel, PVC and aluminum tubes
- Pipes and fittings
- Other products used to protect and manage electrical cables
These products are used in data centers, commercial buildings, industrial facilities, utilities, renewable energy projects and other infrastructure.
Atkore generated approximately $2.85 billion in revenue and $386 million in EBITDA in fiscal 2025.
The company has around 5,400 employees and approximately 30 major manufacturing and distribution locations.
What Is the Prysmian-Atkore Acquisition Deal?
On August 3, 2026, Prysmian announced that it had entered into a definitive agreement to acquire Atkore.
Under the agreement, Atkore shareholders will receive:
$95 in cash per Atkore share
The transaction represents an implied enterprise value of approximately $3.8 billion.
The transaction is structured as a merger. Prysmian’s wholly owned subsidiary, Trinity Merger Sub, Inc., will merge with Atkore. Once the transaction is completed, Atkore will become a wholly owned subsidiary of Prysmian.
This means Atkore will no longer operate as an independent publicly traded company.
How Much Premium Is Prysmian Paying?
The $95-per-share offer represents a significant premium for Atkore shareholders.
Atkore’s closing share price on July 31, 2026 was approximately $72.96.
Therefore, the $95 offer represented a premium of roughly 30% to that closing price.
Prysmian also highlighted a premium of approximately 23% compared with Atkore’s 90-day volume-weighted average price.
For Atkore shareholders, this means Prysmian is offering a considerable premium to the market price in exchange for acquiring the company.
Why Is Prysmian Acquiring Atkore?
The main reason behind the acquisition is that Prysmian wants to expand from being primarily a cable and connectivity company into a broader electrical infrastructure solutions provider.
An electrical infrastructure project usually needs more than just cables.
For example, a large data center may require:
Power cables + Conduits + Cable trays + Cable management + Supporting infrastructure
Prysmian already has strong capabilities in cables and electrical connectivity.
Atkore adds many of the products used to protect, support and manage those cables.
By combining the two businesses, Prysmian believes it can offer customers a broader range of products from a single supplier.
This is one of the most important strategic reasons behind the acquisition.
Data Centers Are a Major Strategic Opportunity
The rapid expansion of artificial intelligence and cloud computing is driving significant investment in data centers. AI data centers require enormous amounts of electricity and highly reliable electrical infrastructure. This creates demand for products across the electrical supply chain.
A simplified data center infrastructure chain can look like:
Power Generation → Power Grid → Electrical Distribution → Cables → Cable Protection → Cable Management → Data Center
Prysmian already has a strong position in cables and power infrastructure. Atkore adds products that sit closer to the cable management and protection side of this chain. This gives Prysmian an opportunity to capture more value from the growing data center infrastructure market.
Electrification Is Another Major Growth Driver
Electrification is another important reason behind the deal.
Global electricity demand is increasing due to several trends, including:
- Electric vehicles
- Renewable energy
- Data centers
- Industrial electrification
- Manufacturing expansion
- Grid modernization
- New power infrastructure
All of these areas require electrical infrastructure.
Prysmian already benefits from the growth of electricity transmission and distribution.
By adding Atkore’s complementary products, Prysmian can potentially provide a broader solution to customers involved in these projects.
How Do the Two Companies Complement Each Other?
The biggest strategic advantage is the complementary nature of their product portfolios.
| Prysmian | Atkore |
| Power cables | Electrical conduits |
| High-voltage systems | Cable management |
| Transmission solutions | Cable trays |
| Electrification solutions | Ladders and baskets |
| Telecom and digital infrastructure | Electrical framing |
| Power distribution products | Pipes and fittings |
This combination can help Prysmian become a more complete supplier for electrical infrastructure projects.
Instead of a customer buying cables from one company and cable management products from another, Prysmian could potentially offer a larger portion of the required infrastructure through one organization.
What Does the $150 Million Synergy Mean?
Prysmian expects the acquisition to generate approximately $150 million in annual run-rate pre-tax EBITDA synergies.
The company expects to reach this level within approximately three years after closing.
In simple terms, synergy means the combined company can generate more value or reduce costs by operating together than the two companies could separately.
Potential sources of synergy could include:
- Cross-selling products
- Combining sales networks
- Procurement savings
- Manufacturing efficiencies
- Distribution optimization
- Sharing customer relationships
- Operational improvements
For example, Prysmian could introduce Atkore’s products to its existing customers, while Atkore’s customer base could become an opportunity for Prysmian to sell its cable and connectivity products.
How Large Will the Combined Business Become?
Based on Prysmian’s FY2025 pro-forma calculation, the combined business would have approximately:
€22.1 billion in revenue
and around:
€2.7 billion in adjusted EBITDA
These are pro-forma figures, meaning they combine the historical financial results of the two businesses for analytical purposes. They should not be interpreted as an immediate forecast of the combined company’s future annual results.
How Will Prysmian Finance the Acquisition?
Prysmian plans to finance the acquisition through a combination of:
- Debt
- Hybrid instruments
- Equity
The company has indicated that it wants to maintain an investment-grade credit profile after the transaction.
According to Reuters, the expected financing structure includes approximately 20% equity, more than 20% hybrid instruments and roughly 60% debt.
This is important because financing a multibillion-dollar acquisition entirely through debt could put significant pressure on the buyer’s balance sheet.
Using a combination of financing sources allows Prysmian to complete the transaction while managing its leverage.
Prysmian’s Previous U.S. Expansion
The Atkore transaction is not Prysmian’s first major acquisition in the United States. Prysmian has been expanding its North American operations through acquisitions.
Encore Wire
In 2024, Prysmian acquired Encore Wire for approximately $4.79 billion. Encore Wire strengthened Prysmian’s position in the North American electrical wire and cable market.
Channell Commercial
In 2025, Prysmian acquired Channell Commercial for approximately $1.15 billion. Channell Commercial added products related to telecommunications and digital infrastructure.
Therefore, the Atkore acquisition appears to be part of a broader strategy to expand Prysmian’s North American electrical infrastructure business.
Why Is the U.S. Market Important?
The United States is one of the most important markets for this acquisition.
The country is seeing large investments in:
- AI data centers
- Cloud infrastructure
- Electricity grids
- Renewable energy
- Manufacturing facilities
- Semiconductor production
- Commercial infrastructure
- Electrification
These projects require large amounts of electrical infrastructure.
Prysmian already has a strong U.S. presence, while Atkore has an established manufacturing and distribution network in the country.
Combining these capabilities could give Prysmian a stronger position across the U.S. electrical infrastructure market.
What Does the Acquisition Mean for Atkore Shareholders?
For Atkore shareholders, the most direct benefit is the $95 cash payment per share.
The offer represents a substantial premium compared with Atkore’s market price before the transaction was announced.
However, shareholders who accept the transaction will no longer own shares in an independent publicly traded Atkore.
After completion, Atkore will become a wholly owned subsidiary of Prysmian.
What Does the Deal Mean for Prysmian Investors?
For Prysmian investors, the acquisition offers potential long-term growth opportunities but also carries some risks.
Potential Benefits
The deal could provide:
- Greater exposure to the U.S. market
- More exposure to data center infrastructure
- A broader electrical product portfolio
- Additional electrification opportunities
- Cross-selling opportunities
- Potential $150 million annual synergies
- Stronger positioning as an integrated electrical infrastructure supplier
Potential Risks
The acquisition also comes with several challenges.
The transaction is worth approximately $3.8 billion, so financing and leverage need to be managed carefully.
There is also integration risk. Combining two large businesses across manufacturing, sales, distribution and corporate operations can take time.
Prysmian will also need to successfully deliver the expected synergies. If the company cannot achieve the targeted savings and additional revenue opportunities, the financial benefits of the acquisition could be lower than expected.
What Is the Current Status of the Deal?
The acquisition has not yet been completed.
One important regulatory step has already been completed.
The U.S. Hart-Scott-Rodino antitrust waiting period expired on September 14, 2026, removing a major U.S. regulatory condition.
However, other closing conditions still need to be satisfied.
A key upcoming event is the Atkore shareholder special meeting scheduled for:
October 7, 2026
Atkore shareholders are expected to vote on the merger proposal at this meeting.
The companies are targeting completion of the transaction by the end of calendar year 2026, subject to the remaining conditions being satisfied.
Outcome
The Prysmian-Atkore transaction is more than a simple acquisition of another electrical products company. Its biggest strategic importance is the combination of complementary product portfolios.
Prysmian has strong capabilities in:
Cables + Power Infrastructure + Digital Connectivity
Atkore adds:
Conduits + Cable Management + Electrical Infrastructure
Together, the companies can potentially offer customers a much broader range of products for large electrical infrastructure projects.
The timing is also significant because investment in AI data centers, power grids, renewable energy, industrial electrification and digital infrastructure is increasing.
For Prysmian, the acquisition could strengthen its position in North America and move the company closer to becoming a full-service electrical infrastructure solutions provider.
The key factors investors should watch now are the October 7 shareholder vote, final transaction completion, integration progress and Prysmian’s ability to achieve the targeted $150 million annual synergies.
Overall, the acquisition fits Prysmian’s broader strategy of expanding its North American footprint and capturing more value from the long-term growth of electrification and digital infrastructure.
Source: Prysmian media
