M&A · Energy · Rolling Drawing & Extruding of Nonferrous Metals
Prysmian to acquire Encore Wire Corp
Announced Apr 15, 2024 · Closed Jul 2, 2024
Deal value$4.57BEV $4.01B
Premium11.0%To unaffected price
EV / Adj. EBITDA7.9x1.6x EV / Revenue
ConsiderationAll cash$290.00 per share
Transaction
- Acquirer
- Prysmian
- Target
- Encore Wire Corp
- Buyer type
- Strategic
- Offer price per share
- $290.00
- Enterprise value
- $4.01B
- Status
- Closed Jul 2, 2024
Deal protections
- Break fee (target pays)
- $147M · 3.2%
- Reverse fee (buyer pays)
- $180M · 3.9%
- Go-shop
- Go-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- JPMorgan
- JPMorgan fee
- $53.0M
Sector context · Energy
- Comparable deals
- 38 in the prior 24 months
- Premium
- 11.0% vs. 20.9% sector median
- EV / Adj. EBITDA
- 7.9x vs. 8.3x sector median
- Break fee
- 3.2% vs. 2.9% sector median
Timeline
- AnnouncedApr 15, 2024
- Proxy filedMay 10, 2024
- Definitive proxyMay 22, 2024
- Shareholder voteJun 26, 2024
- ClosedJul 2, 2024
Valuation · fairness opinions
Discounted cash flow$214.50$255.25
Offer $290.00
Implied value per Encore Wire Corp share by analysis, from JPMorgan · DCF discount rate 9%–10%.