Prysmian S.p.A. said it has completed its acquisition of Atkore Inc., taking control of the U.S. electrical infrastructure supplier for $95 per eligible share, with an implied enterprise value of about $3.8 billion.
Atkore's Oct. 19 filing with the Securities and Exchange Commission (SEC) lists about $3.3 billion as the aggregate cash payable as merger consideration and says Prysmian funded it with debt and equity. Prysmian separately estimated implied enterprise value at about $3.8 billion. The figures refer to distinct measures of the deal.
Following closing, Atkore became a wholly owned subsidiary of Prysmian rather than a separately held public company. Investors whose shares qualified under the merger terms receive $95 in cash for each share; former owners no longer retain shareholder rights.
Atkore asked the New York Stock Exchange (NYSE) to halt trading in its shares before the Oct. 19 market opening and remove them from its listing. The company plans to file Form 15 to terminate registration of its common stock and suspend specified reporting obligations after Form 25 takes effect.
The closing also changed Atkore's leadership. Its former directors and officers left their positions, and the new board appointed Andrea Pirondini as president and chief executive officer.
Atkore repaid its credit facilities and redeemed $400 million of 4.25% senior notes due 2031. Noteholders are entitled to 102.125% of principal, plus accrued interest, under the redemption terms disclosed in the filing.
Prysmian said Atkore's conduits, cable management systems and metal framing broaden its U.S. electrical products range. It cited its prior integrations of General Cable, Encore Wire and Channell as precedents for the Atkore deal. The company presented the acquisition as part of its effort to grow as an electrical solutions provider.
Prysmian projects that pretax synergies from the acquisition will reach an annual pace of about $150 million within three years of closing. It expects Atkore to be fully consolidated into its financial results beginning in November 2026.
