Prysmian buys Atkore in $3.8 billion US cable deal

Prysmian agreed to buy Atkore in an all-cash deal valued at about $3.8 billion, a transaction that links one of the world’s biggest cablemakers with a US supplier sitting close to the center of America’s power bottleneck. The $95-a-share offer gives Atkore shareholders a hefty premium and gives Prysmian a larger stake in the wiring, conduit and electrical infrastructure that major grid, industrial and data-center projects cannot move forward without.

Prysmian said the acquisition expands its North American electrical infrastructure portfolio and increases its exposure to electrification, AI-driven data centers and digitalization. The Milan-based company, the world’s largest cablemaker, already sells products ranging from energy transmission lines to specialty cables used in telecommunications and industrial work. Atkore, headquartered in Harvey, Illinois, makes electrical raceway, cable and related infrastructure products used by construction and utility customers, making it a complementary fit as utilities, builders and manufacturers pour money into power distribution and grid modernization.

The acquisition is also a bet that demand for physical electrical infrastructure will stay strong as the United States spends on new manufacturing capacity, upgrades aging transmission systems and adds electricity-hungry data centers. Prysmian said the combination would make it a more fully fledged electrical solutions provider, giving it broader reach across North America at a time when power access has become one of the biggest constraints on new projects. In that context, cable makers are no longer just industrial suppliers. They are strategic enablers of the energy transition and the AI buildout.

Atkore shareholders will receive $95.00 a share in cash. The bid represented about a 30% premium to Atkore’s Friday closing price, and one measure put it 57% above Atkore’s Sept. 29, 2025 close before the company announced its strategic review. Both companies’ boards unanimously approved the transaction, which is expected to close by year-end 2026, subject to Atkore shareholder approval, regulatory review and customary closing conditions.

Atkore said in 2025 that its board of directors and executive leadership team were evaluating a broad range of alternatives to sharpen focus on its core electrical infrastructure portfolio. The sale now folds that review into a larger industry shift, where scale, product breadth and access to North American utility and industrial spending are becoming decisive advantages. As grid investment and data-center demand climb, the companies supplying the cable, conduit and raceway behind that buildout are becoming central players in the market itself.