The Italian cable maker has agreed to acquire the US electrical-products manufacturer in an all-cash deal worth about $3.8bn, paying $95.00 a share to push its North American business further into the buildout behind the AI boom.
The price is a 30% premium to Atkore’s closing price on 31 July and 57% above where the stock sat in late September 2025, when Atkore put itself under strategic review. The deal is expected to close by the end of 2026, subject to shareholder and regulatory approval.
Atkore makes the unglamorous hardware of electrification: conduit, cable management, and metal framing for commercial, industrial, data-centre, and solar projects. The company employs about 5,400 people and booked $2.9bn in sales in its 2025 financial year.
The logic is the power problem sitting behind AI. US utilities alone plan to spend $1.4 trillion by 2030 to feed data centres, and every one of those sites needs the physical electrical kit Atkore sells, wired in at scale.
‘Electrification, AI-driven data centers and digitalization all require major investments in infrastructure,’ said Prysmian chief executive Massimo Battaini.
The pitch is a ‘one-stop shop in North America’ that can supply both the cable Prysmian already makes and the electrical products Atkore brings.
For Prysmian, best known for cables and grid connections, the deal fills in the part of the electrical chain it did not own. It also deepens the company’s exposure to the United States, the largest and fastest-moving data-centre market.
Prysmian is one of the world’s largest cable makers, with a business spanning power grids, telecoms, and industrial cable. Bolting on Atkore widens that reach from the wires themselves into the conduit and enclosures built around them.
The companies did not spell out expected cost savings or how Atkore will sit within Prysmian’s structure. Those integration questions tend to surface at the next results presentation rather than on announcement day.
Prysmian has grown by acquisition before, using deals to push deeper into North America, and Atkore extends that strategy rather than breaking from it. The bet is that owning more of the electrical stack lets it sell a fuller package to the hyperscalers and contractors putting up data centres.
That market is where the money is going. Schneider Electric has said its data-centre business could outgrow the rest of the company, a measure of how completely the AI buildout has reshaped demand for electrical gear.
Regulators are trying to keep pace with the load. In the US, FERC fast-tracks some data-centre grid connections to speed hookups, and the bottleneck has moved from chips to the power and equipment needed to run them.
Prysmian plans to fund the purchase with a mix of debt, including hybrid bonds, and equity, while keeping its investment-grade credit rating. The all-cash structure hands Atkore shareholders a clean exit at the top of the premium.
The premium reflects how contested these assets have become. Anything with direct exposure to data-centre construction has been repriced upward over the past two years, and a 30% bid on an already-elevated share price is the cost of buying a clear winner outright.
Atkore chairman Michael Schrock said the deal ‘reflects the strength of Atkore’s differentiated portfolio’ and caps the strategic review the company began last year. That review is what put the business in play to begin with.
The buildout is not friction-free. AI data centres are already driving up power bills at America’s Rust Belt factories, and the same demand that makes Atkore valuable is straining the grids its products plug into.
The deal still needs sign-off from Atkore’s shareholders and antitrust regulators before it closes. If it clears, Prysmian will have bought its way to the front of a market where, just now, the hardest thing to secure is enough electrical capacity.
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