Prysmian agrees to buy Atkore in $3.8 billion deal

Cash offer of $95 a share represents 30% premium

Atkore, a U.S.-listed manufacturer of electrical infrastructure products, said it agreed to be bought by Italy’s Prysmian in a deal that values the company at around $3.8 billion, including debt.

Under the terms of the deal, Atkore shareholders will receive $95 a share in cash. The offer represents a roughly 30% premium to Atkore’s closing price of $72.96 on Friday.

Prysmian, which produces cables, said it will combine its products with Atkore’s. The company cited a goal of increasing its exposure to the growing North American data-center sector.

Atkore is based in the United States and is listed on U.S. stock exchanges. Prysmian is based in Italy.

The deal was reported by the Wall Street Journal, according to Adam Whittaker.