Prysmian announces the acquisition of the American Encore Wire for 290 dollars per share (272.15 euros) This is a 20% premium on the average price of the 30 days preceding April 12th. The operation values the US company which produces electrical cables at 4.2 billion dollars (3.94 billion euros) The operation creates a group capable of generating a turnover of over 17.7 billion, with a gross operating margin of 2.1 billion euros, based on the original results of 2013.
The acquisition is expected to be completed by the end of the first quarter of 2014. The deal is subject to regulatory and shareholder approval in the U.S. and in the UK, and the acquisition is not expected to occur in Europe until after the second quarter of this year. It is expected that the acquisition will be completed in the United States by the beginning of the third quarter of 2013, and that the deal will be finalized in the fourth quarter of that year. In 2023, the company achieved revenues of approximately 2.6 billion dollars and a gross Operating Margin of 517 million dollars.