Prysmian to avoid large acquisition in the next two years and a half, CEO says

Encore Wire

27/06/2024 10:52

MILAN, June 27 (Reuters) - Prysmian  PRY.MI  CEO said on
Thursday the cable maker would refrain from large M&A deals in
the next two years and a half as it focuses on reducing its
debt, which rose to 5 billion euros  ($5.4 billion) to fund the
acquisition of Encore Wire  WIRE.O .
    Chief Executive Massimo Battaini said Prysmian would still
look at "mid-size" M&A opportunities in this period, adding he
referred to potential companies with an enterprise value of 500
million euros.
    Prysmian, the world's largest cablemaker, early this year
announced the 3.9 billion euro acquisition of U.S. firm Encore
Wire in a move aimed at bolstering its position on the North
American market, its profit powerhouse.
   
($1 = 0.9352 euros)

 (Reporting by Giulio Piovaccari, editing by Francesca
Piscioneri)
 ((giulio.piovaccari@thomsonreuters.com))