Prysmian has finalized the acquisition of Encore Wire Corporation, in accordance with the terms of their merger agreement. The deal, valued at $290 per share in cash, sees Prysmian acquiring all outstanding shares of Encore Wire's common stock.
The acquisition is expected to yield synergies through enhanced cross-selling opportunities and operational efficiencies within Encore Wire's unique production and distribution processes. It also strengthens Prysmian's presence in North America, bolstering its capability to drive electrification and digital transformation across the region, including advancements in data centers and power grid upgrades.
Massimo Battaini, CEO of Prysmian, highlighted the strategic fit between the two companies: “The complementary fit of Encore Wire with Prysmian's existing North American business positions us to better serve customers in this dynamic market. We are well-prepared to capture growth opportunities driven by digitalization and energy infrastructure.”
Encore Wire's CEO, Daniel Jones, expressed optimism about the merger: “Encore Wire and Prysmian are highly complementary organizations. We look forward to leveraging our combined strengths to enhance product offerings and deepen customer relationships within a larger global framework.”
Following the completion of the transaction, Encore Wire transitions to a privately held entity, with its shares no longer listed on NASDAQ or other public markets.
