Brief: Prysmian To Acquire Encore Wire For $290 Per Share In Cash

Encore Wire

15/04/2024 05:14

April 15 (Reuters) - Prysmian - Prysmian Spa: To Acquire
Encore Wire For $290.00 Per Share In Cash  PRY.MI :

    * ITALY'S PRYSMIAN  - TRANSACTION, ENCORE WIRE'S IMPLIED
ENTERPRISE VALUE IS APPROXIMATELY EUR 3.9 BILLION1
    * AT TERMS OF TRANSACTION, ENCORE WIRE'S IMPLIED ENTERPRISE
VALUE
IS APPROXIMATELY EUR 3.9 BILLION
    * PRYSMIAN EXPECTS TO GENERATE RUN-RATE PRE-TAX SYNERGIES OF
APPROXIMATELY EUR 140 MILLION WITHIN 4 YEARS FROM CLOSING
    * TRANSACTION GROWS PRYSMIAN’S NORTH AMERICA EXPOSURE,
ENHANCING
GEOGRAPHICAL AND BUSINESS PORTFOLIO
    * DEAL WILL GENERATE ABOUT EUR 140M IN RUN-RATE EBITDA
SYNERGIES
EXPECTED WITHIN 4 YEARS FROM CLOSING
    * ITALY'S PRYSMIAN  - EXPECTS TO GENERATE RUN-RATE PRE-TAX
SYNERGIES OF APPROXIMATELY EUR 140 MILLION WITHIN 4 YEARS FROM
CLOSING
    * ITALY'S PRYSMIAN -TRANSACTION WILL BE FINANCED THROUGH MIX
OF
CASH ON PRYSMIAN’S BALANCE SHEET (€1.1 BILLION) AND NEWLY
COMMITTED DEBT FACILITIES (€3.4 BILLION).
    * PRO-FORMA NET DEBT FOR COMBINED GROUP OF APPROXIMATELY EUR
5.1
BILLION, REPRESENTING A 2.4X 2023 ND/ADJUSTED. EBITDA RATIO
    * PRYSMIAN TO ACQUIRE ENCORE WIRE FOR $290.00 PER SHARE IN
CASH

Source text for Eikon:  ID:nBIA9751QN 
Further company coverage:  PRY.MI 

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