Prysmian is in advanced talks to buy Atkore Inc. for roughly $2.5 billion in cash, people familiar said. The deal would deepen the Italian cable maker's U.S. footprint after a string of acquisitions.
Italy's Prysmian is in advanced talks to buy Atkore Inc., an Illinois-based electrical manufacturer, people familiar with the matter said. An all-cash deal could be announced in the coming days, according to the people.
Atkore shares are up roughly 15% in New York this year, giving it a market value around $2.5 billion. Prysmian's stock has gained more than a third in 2025, putting its market cap at roughly €36.3 billion.
The talks are advanced but could still be delayed or fall apart, the people said. A Prysmian representative declined to comment. Atkore did not immediately respond to a request for comment.
Atkore makes products and systems that route and protect electrical wiring. In November last year, it said it was working with Citigroup Inc. and JPMorgan Chase & Co. to review strategic options, including a sale. That review came under pressure from Irenic Capital Management.
Prysmian has been on a U.S. buying spree. Two years ago, it bought Encore Wire for almost €4 billion, its biggest deal ever. About a year later, it bought Channell Commercial Corp. for around €1 billion.
CEO Massimo Battaini told Bloomberg Television in May that the company was scouting for a deal worth about €4 billion enterprise value. In July, Prysmian signed an agreement worth up to €5.5 billion to supply Koch Inc.'s Molex with optical cables for data centers, tapping AI infrastructure demand.
Prysmian was carved out of tiremaker Pirelli in 2005. Battaini has called a U.S. dual listing a "top priority" without setting a timetable.
Drafted by a large language model from the source reporting linked above, then screened by automated publishing checks. It is not read by a journalist before publication. Some articles cite our Alpha Score. Verify prices and figures against the original source. Educational coverage, not personalized advice.