On April 15, 2024, the multinational company with headquarters in Milan, specialising in producing electrical cable Prysmian, announced that it has entered into a definitive merger agreement under which it will acquire Encore Wire for $290.00 per share in cash. The Transaction represents a premium of approximately 20 per cent to the 30-day volume weighted average share price (VWAP) as of Friday, April 12, 2024, and approximately 29 per cent to the 90-day VWAP as of the same date.
At the transaction terms, Encore Wire’s implied Enterprise Value is approximately €3.9 billion, representing a multiple of 8.2x EV/2023A EBITDA and 6.3x EV/2023A EBITDA, including run-rate synergies.
Encore Wire is a premier manufacturer offering a wide array of copper and aluminium electrical wires and cables catering to power generation and distribution needs. With its diverse product range and efficient production processes, Encore Wire is strategically positioned to be a pivotal player in advancing towards a more sustainable and dependable energy infrastructure. In the fiscal year 2023, Encore Wire achieved revenue totalling around $2.6 billion, accompanied by an EBITDA of $517 million.
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