Prysmian and General Cable have obtained clearance from the Committee on Foreign Investment in the United States (CFIUS) for the proposed acquisition of General Cable by Prysmian.
This clearance was the last of the regulatory approvals sought in connection with the transaction.
As previously announced by General Cable, on February 16, 2018, stockholders of General Cable approved General Cable’s acquisition by Prysmian at a special meeting of General Cable’s stockholders called for such purpose.
The transaction values General Cable at approximately $3 billion, including debt and certain other General Cable liabilities.
Prysmian and General Cable currently expect that the closing of the transaction will occur on June 6, 2018, subject to the satisfaction or waiver of the remaining customary conditions to closing set forth in the merger agreement between the parties.
The combined group will be present in more than 50 countries with approximately 31,000 employees.