Italian cable maker Prysmian acquires Encore Wire for €3.9bn ($4.15bn) in cash, expanding US presence and entering residential construction sector.
Prysmian, an Italian cable maker, is set to acquire US-based Encore Wire for €3.9bn ($4.15bn) in cash. This marks Prysmian's first major deal under its new CEO and aims to enhance its US presence and enter the country's residential construction sector. Encore Wire produces copper and aluminium wires and cables for residential, commercial and industrial buildings. The acquisition is expected to close in the second half of 2024 and generate around €140m in run-rate EBITDA synergies within four years.
April 15, 2024
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