Prysmian Completes €850M Capital Hike to Fund Atkore Acquisition
ATKR sits 75% above its 52-week low of $53.75.
Summary
Prysmian completed an €850 million capital increase, placing 7 million new shares at €121 each, multiple times oversubscribed. The proceeds will partially finance the $3.8 billion all-cash acquisition of Atkore. This follows the definitive agreement announced in early August at $95 per share. The successful oversubscription signals strong investor support for the deal, reducing financing risk. Atkore shareholders are set to vote on the acquisition at a special meeting in October.
At the time of this announcement, ATKR was trading at $94.00 on NYSE in the Manufacturing sector, with a market capitalization of approximately $3.2B. The 52-week trading range was $53.75 to $94.39. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.