Italian cable maker Prysmian has completed the acquisition of Encore Wire, solidifying its presence in the flourishing North American market. By acquiring all of the outstanding shares of Encore Wire’s common stock for $290.00 per share in cash, Prysmian is set to enhance its leadership position in North America. The acquisition is expected to bring about improved cross-selling opportunities, as well as increased efficiency and innovation within Encore Wire’s production, distribution process, and service levels.
This strategic move will also bolster the weight of Prysmian’s North American business within its geographical footprint. The combined business is well-prepared to drive forward the electrification and digital transformation in North America, which includes supporting the expansion of data centers and the modernization of the power grid. With Encore Wire now under Prysmian’s ownership, the company is better equipped than ever to cater to the dynamic demands of the North American market and seize the growth opportunities that come with digitalization and energy infrastructure development.
Prysmian CEO Massimo Battaini expressed confidence in the acquisition, emphasizing the complementary fit of Encore Wire with Prysmian’s existing North American business. This merger positions the company to better serve customers in the evolving market landscape, while capitalizing on the structural growth opportunities driven by digitalization and energy infrastructure advancements. As Encore Wire transitions to a privately held entity post-acquisition, its shares will no longer be publicly traded on NASDAQ or any other stock exchange, signaling a new chapter in its corporate journey.
