Prysmian Group To Acquire General Cable In $3 Bln Transaction - Quick Facts

(RTTNews) - Prysmian Group, an Italian energy and telecom cable systems company, has entered into a definitive merger agreement to acquire General Cable Corp. (BGC) for $30.00 per share in cash.

The transaction values General Cable at approximately $3 billion, including debt and certain other liabilities, and represents a premium of approximately 81% to the General Cable closing price of $16.55 per share on July 14, 2017, the last day of trading before the Highland Heights, Kentucky-based company announced its review of strategic options.

This transaction, which has been unanimously approved by each company's Board, is expected to close by the third quarter of 2018.

Prysmian expects the combined group to generate run-rate pre-tax cost synergies of approximately EUR 150 million within five years following closing. The transaction is expected to generate EPS accretion in the range of 10-12% for Prysmian shareholders already within the first year following closing.