The Prysmian Group and General Cable recently announced that both parties have been informed that they have obtained Prysmian’s acquisition of General Cable approved by CFIUS. This type of license is the last regulatory approval related to the transaction.Prysmian’s acquisition of General Cable is expected to complete on June 6.
As previously announced by General Cable, on February 16, 2018, General Cable's shareholders approved Prysmian’s offer.
Prysmian and General Cable currently expect that the transaction will be completed on June 6, 2018, subject to or abandoning the remaining customary conditions set forth in the merger agreement between the parties.
On December 4, 2017, the global cable giant Prysmian Group and General Cable announced that the two parties have reached a definitive merger agreement，Prysmian will acquire General Cable for US$30 per share in cash, and the total transaction value is approximately 30 Billion US dollars (including debt).
Subsequently, Prysmian CEO Valerio Battista announced that the group is still seeking another three acquisition targets. These three goals are all medium-sized groups, one in Asia, one in North America, and one in other regions. One of the acquisitions is expected to reach an agreement in the next few months.
In addition, Prysmian has been interested in acquiring Nokia's Alcatel Undersea Network (ASN), but did not clarify whether the company is one of the three possible goals of the Italian group.
Based on the combined results for the 12 months ended September 30, 2017, the combined sales of the two companies will exceed 11 billion euros, and the adjusted EBITDA will be approximately 930 million euros. The combined group will have approximately 31,000 employees in more than 50 countries worldwide.