Prysmian has completed its acquisition of General Cable. Pursuant to the terms of the merger agreement entered into among the parties on Dec. 3, 2017, Prysmian has acquired all the outstanding shares of General Cable common stock for $30.00 per share in cash. With the completion of the transaction, General Cable has become a privately held company, and therefore its shares will no longer be listed on the NYSE or any other public market.
Prysmian Group is in the energy and telecom cable systems industry. With almost 140 years of experience, sales of about €7.9 billion in 2017, over 21,000 employees across 50 countries and 82 plants, the Group is positioned in high-tech markets and offers a wide range of products, services, technologies and know-how. It operates in the businesses of underground and submarine cables and systems for power transmission and distribution, of special cables for applications in many different industries and of medium and low voltage cables for the construction and infrastructure sectors. Prysmian is a public company, listed on the Italian Stock Exchange in the FTSE MIB index.
General Cable, with headquarters in Highland Heights, Kentucky, is in the development, design, manufacture, marketing and distribution of aluminum, copper and fiber optic wire and cable products for the energy, communications, automotive, industrial, construction and specialty segments. General Cable is one of the largest wire and cable manufacturing companies in the world, operating manufacturing facilities in its core geographical markets, and has sales representation and distribution worldwide.