Cable maker Prysmian to buy Encore Wire for $4.6 billion By Investing.com
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 15 2024
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Should l Buy ?
Source: Investing.com
- Acquisition Deal: Encore Wire Corporation has agreed to be acquired by Italian cable manufacturer Prysmian SpA for approximately $4.6 billion.
- Deal Details: Prysmian will pay $290 in cash for each share of Encore, representing a 10% premium to Encore's last closing price.
- Approval and Timeline: Encore's board of directors unanimously approved the acquisition, recommending it to shareholders, with the deal expected to close in the second half of 2024 pending approvals.
- Prysmian's Acquisitions: This marks Prysmian's second major U.S. acquisition after buying General Cable for around $3 billion in 2018.
- Prysmian's Growth: As the world's largest cable maker, Prysmian is benefiting from the global shift towards cleaner energy and digital advancements, focusing on areas like electricity grids, data centers, grid management, and EV charging.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
