Atkore agrees to $3.8bn takeover from Italy's Prysmian

3rd Aug 2026 11:39

(Sharecast News) - Shares in New York-listed Atkore surged in pre-market trading on Monday after the electrical and infrastructure solutions company announced a $3.8bn takeover bid from Italian peer Prysmian.

Prysmian is offering $95 a share in cash for Atkore, a 30% premium to Friday's closing price of $72.96, to beef up its position in the North American electrification and AI-driven infrastructure markets, it said in a statement.

Prysmian said Atkore offers a "highly complementary portfolio" of cable-adjacent electrical infrastructure products, accelerating its ambition to become a fully fledged electrical solutions provider.

"Electrification, AI-driven data centres and digitalisation all require major investments in infrastructure, and they are critical to the modern economy, and the opportunity is substantial in the United States," said Prysmian boxx Massimo Battaini.

The news coincided with Atkore's fiscal third-quarter results, which showed an 8.1% increase in net sales to $794.8m, though net income slumped 98% to just $0.7m from $43.0m the year before, owing mainly to a $50m litigation settlement hit to settle alleged antitrust price-fixing claims. Adjusted EBITDA rose 4.7% to $104.7m.

By 1250 BST, Atkore futures were showing a 27.9% gain to $93.30, while Prysmian shares were down 2.5% at €117.25 in Milan.