Italian cable maker Prysmian in advanced talks to acquire Atkore, Bloomberg reports (updated)
UPDATE 1-Italian cable maker Prysmian in advanced talks to acquire Atkore, Bloomberg reports Adds details from report, background on companies in paragraphs 2-7
Aug 2 (Reuters) - Italian cable maker Prysmian PRY.MI is in advanced talks to acquire U.S. electrical products maker Atkore ATKR.N, Bloomberg News reported on Sunday, citing people familiar with the matter.
Prysmian is putting the final touches on an all-cash deal for Atkore that could be announced in the coming days, the report said.
Reuters could not immediately verify the report. Prysmian declined to comment, while Atkore did not immediately respond to a request for comment outside regular business hours.
Milan-based Prysmian generates about 40% of its revenue from North America, where a favourable supply-demand balance has supported growth.
Last month, Prysmian signed a long-term fiber-optic cable supply agreement with Molex worth up to €5.5 billion ($6.35 billion), as the company ramps up investments to capitalize on AI-driven demand from data centers.
Atkore, which makes electrical, safety and infrastructure products, supplies solutions used in construction, power, data center and telecommunications projects worldwide.
($1 = 0.8660 euros)
(Reporting by Abu Sultan in Bengaluru; Editing by Edmund Klamann and Paul Simao)