Prysmian Group Bought General Cable for $3 Billion

Prysmian Group Bought General Cable for $3 Billion

Categories: Corporate

Istanbul, Turkey   -   10/15/2018 - 2:00 PM

Prysmian Group, meeting a large part of the world’s cable need, implemented another great merger in the first half of 2018. Prysmian Group took over the shares of General Cable for $3 billion, hence increasing its number of employees worldwide to 30,000 and number of factories to 112. 

Prysmian Group, worldwide leading company in energy and telecommunication cables sector with its more than 140 years of knowledge and experience, carried out another great merger in 2018 after the Draka merger implemented in 2011. At the end of the merger process between Prysmian Group and General Cable, Prysmian Group took over General Cable by paying $30 per share and hence, consolidated its leadership in the sector.

Intercontinental position is now stronger

The merger, which was approved unanimously by the Board of Directors of both Prysmian Group and General Cable, and cost $3 billion including all debts and obligations, is completed before the expected date.  After this acquisition, Prysmian Group, in the 50 countries it operates, increased its factory number to 112, R&D center number to 25, and employee number to 30,000. Current turnover of Prysmian Group, which is approximately €8 billion, is expected to go up to €11 billion after the acquisition.

With this merge of two leader companies who complement each other in terms of both vision and quality, Prysmian Group will take the quality of its products and services to the next level. Prysmian Group, after strengthening its position in North America in terms of products, brands, technologies and most importantly, customer services, consolidated its position in Europe and South America as well.

“We will continue to offer innovative products to the market”

Erkan Aydoğdu, CEO of Prysmian Group Turkey, stated the followings regarding merger of two most important companies of the global cable sector, “This merger, which creates an ideal harmony in the global cable sector, ensures that we are in a good position to evaluate future opportunities and address challenges in the sector. Following this merger, we will continue to offer innovative solutions to the global cable sector with a stronger product and service range.  We will take stronger and confident steps in our success journey with the company stance we show in the sector. As Prysmian Group Turkey, we are proud of being a part of such a large group and taking place in these processes.”. Stated that this merger, which was of great importance for the cable sector, carried goals for 2018 one step further, Aydoğdu said “We finished the first half of 2018 with such an important merger.  For the rest of the year as part of this signature, as ever as, we aim to maintain our efforts in the direction of our mission ‘Linking Turkey to the Future’ and take part in the projects contributing to the future of our country.”.

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