Italian cable maker Prysmian has completed the acquisition of Encore Wire, strengthening its position in the growing North American market.
Prysmian acquired all of the outstanding shares of Encore Wire’s common stock for $290.00 per share, in cash.
The acquisition will strengthen Prysmian’s leadership position in North America, as it will benefit from enhanced cross-selling opportunities, as well as the efficiency and innovation within Encore Wire’s production, distribution process and service levels.
The transaction also strengthens the weight of the North American business in Prysmian’s geographical footprint.
According to the companies, the combined business will be well-positioned to accelerate the electrification and digital transformation in North America, which includes the growth of data centers and upgrades to the power grid.
“Thanks to the complementary fit of Encore Wire with Prysmian’s existing North American business, we will be better placed than ever to address customers’ needs across the dynamic, highly efficient and growing North American market, while ensuring we are best placed to capture the structural growth opportunities which are being driven by digitalization and energy infrastructure,” said Massimo Battaini, Prysmian CEO.
With the completion of the transaction, Encore Wire has become a privately held company, and therefore its shares will no longer be listed on NASDAQ or any other public market.
