Prysmian to Acquire Atkore
Prysmian to Acquire Atkore in a $95 per share all-cash deal that sets a valuation baseline and could prompt deal-driven share flows ahead of approvals.
KEY TAKEAWAYS
- Prysmian agreed to buy Atkore for $95 per share, implying roughly $3.8 billion enterprise value.
- Offer represents about a 23.0% premium to Atkore's 90-day VWAP as of July 31, 2026.
- Transaction is targeted to close by end of calendar 2026, pending shareholder and regulatory approvals.
HIGH POTENTIAL TRADES SENT DIRECTLY TO YOUR INBOX
Add your email to receive our free daily newsletter. No spam, unsubscribe anytime.
Prysmian S.p.A. said on Aug. 3, 2026, that it will acquire Atkore Inc. in a deal aimed at expanding its North American electrification and electrical-infrastructure portfolio. The transaction is targeted to close by the end of 2026, subject to shareholder and regulatory approvals.
Deal Terms and Approvals
Atkore announced a definitive merger agreement to be acquired by Prysmian in an all-cash transaction. Atkore shareholders will receive $95 per share, implying an enterprise value of about $3.8 billion. Both companies’ boards unanimously approved the deal, and Atkore’s board will recommend that shareholders approve the merger.
The cash offer represents roughly a 23% premium to Atkore’s 90-day volume-weighted average share price as of July 31, 2026. It also reflects about a 30% premium to Atkore’s closing price on that date and a 57% premium to its closing price on Sept. 29, 2025, before Atkore announced a strategic review.
The transaction is expected to close by the end of 2026, pending approval by a majority of Atkore shareholders, regulatory clearances, and customary closing conditions.
Strategic Rationale and Financial Impact
Prysmian described the acquisition as accelerating its transformation into a fully fledged electrical solutions provider by expanding its North American footprint with a complementary portfolio of cable-adjacent electrical infrastructure products.
On a pro forma basis for fiscal 2025, the combined group would have generated net revenues of about €22.1 billion and adjusted EBITDA of approximately €2.7 billion. Atkore reported fiscal 2025 revenue of $2.9 billion, EBITDA of $386 million, and employed roughly 5,400 people.
Prysmian expects run-rate pre-tax synergies of about $150 million within three years of closing. The transaction is projected to be high single-digit earnings per share (EPS) accretive in the first full year after closing, before synergies, and double-digit accretive once synergies are realized. Valuation multiples cited include 9.8 times enterprise value to EBITDA for 2025 and 7.1 times including run-rate synergies.
The company plans to finance the acquisition with a mix of debt, including hybrid bonds, and equity, such as disposal of treasury shares, while aiming to maintain its investment-grade credit rating. Prysmian will update its outlook after consolidating Atkore’s results.
Atkore’s third-quarter 2026 results release confirms the definitive agreement and outlines risks related to the transaction, including potential delays or conditions in regulatory approvals, possible litigation, and management distraction that could affect operations.
The combined business is positioned to broaden Prysmian’s U.S. presence across cables and cable-adjacent electrical infrastructure, targeting demand from electrification and data-center build-out.
