Prysmian Is Said Near Takeover of US Electrical Maker Atkore
Italy’s Prysmian is in advanced talks to acquire electrical manufacturing company Atkore Inc., people familiar with the matter said. The Milan-based company is putting the
Italy’s Prysmian is in advanced talks to acquire electrical manufacturing company Atkore Inc., people familiar with the matter said. The Milan-based company is putting the final touches on an all-cash deal for Atkore that could be announced in the coming days, according to the people. Atkore shares have risen around 15% in New York this year, giving the company a market value of about $2.5 billion. Prysmian’s shares are up by more than a third this year, giving it a market value of about €36.3 billion.
While discussions are at an advanced stage, they could still be delayed or falter, the people said. A representative for Prysmian declined to comment, while a representative for Atkore couldn’t be immediately reached for comment. Based in Harvey, Illinois, Atkore manufactures a range of products and systems used to route and protect electrical wiring. The company said in November last year that it was working with Citigroup Inc. and JPMorgan Chase & Co. to review strategic options, including a potential sale.
The review came amid pressure from Irenic Capital Management. Prysmian has pursued a series of acquisitions to expand its presence in the US. Two years ago, it purchased Encore Wire for almost €4 billion, the biggest deal in its history, which was followed by Channell Commercial Corp. about a year later, for around €1 billion. The cables maker has been scouting the market for a potential deal worth about €4 billion enterprise value, Chief Executive Officer Massimo Battaini said in an interview on Bloomberg Television in May.
In July, it signed an agreement worth as much €5.5 billion to supply Koch Inc.’s Molex with optical cables for its data centers, tapping into the artificial-intelligence build-out. Carved out of tiremaker Pirelli in 2005, Prysmian is also planning a dual listing in the US, which Battaini defined “a top priority” without providing a clear timetable. ©2026 Bloomberg L.P.
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