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Investing.com– Cable producer Encore Wire Company (NASDAQ:) mentioned on Monday it had entered a definitive settlement with larger Italian peer Prysmian SpA (BIT:) to be acquired for about $4.6 billion.
Pysmian pays $290 in money for every share in Encore, representing a premium of about 10% to Encore’s final shut on Friday. Primarily based on Investing.com knowledge, the per share determine values Encore at about $4.6 billion.
Encore mentioned its board of administrators had unanimously accredited the deal and that it advisable the takeover to its shareholders. The deal is predicted to shut within the second half of 2024, barring shareholder and regulatory approval.
Encore Wire marks Prysmian’s second main U.S. acquisition in recent times. The agency had purchased Basic Cable for about $3 billion in 2018.
Prysmian- the world’s largest cable maker- has benefited significantly from a worldwide push in the direction of cleaner power and the digital age.
The agency produces transmission cables which can be essential in creating electrical energy grids, and had final yr introduced a push into additional its lead within the cable trade and strengthen its place in areas together with knowledge facilities, grid administration and EV charging.
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