Prysmian S.p.A. (BIT:PRY) agreed to acquire Channell Commercial Corporation from Bill Channell Jr and others for approximately $1 billion on March 25, 2025. The total consideration consists of $950 million, subject to certain closing adjustments, and a potential additional post-closing payment of up to $200 million based on Channell?s achievement of certain EBITDA targets for calendar year 2025. The acquisition will be funded by a balanced mix of debt and equity capital market instruments, including hybrid bonds and treasury shares disposal. The transaction is subject to customary closing conditions, including regulatory clearances. The transaction is expected to close in the second quarter of 2025. As of May 14, 2025, Prysmian Spa announced that its board of directors has authorized the issuance of a perpetual subordinated bond with a maximum principal amount of ?1 billion. Prysmian intends to use the proceeds from the issue for the acquisition of Channell Commercial Corpo and for normal business activities.

Paul Humphreys, Enrique Dancausa, Nicole Foster, Jordan Salzman, Mena Kaplan, Jeremiah Nelson, Steven Matays, Jay Cosel, Meghan Rissmiller and Luigi Verga of Freshfields acted as legal advisor to Prysmian S.p.A. Goldman Sachs & Co LLC acted as exclusive financial advisor to Channell and DLA Piper acted as its legal advisor. Needham & Company, LLC acted as financial advisor to Channell Commercial Corporation.

Prysmian S.p.A. (BIT:PRY) completed the acquisition of Channell Commercial Corporation from Bill Channell Jr and others on June 10, 2025. With the closing complete, Channell will be fully consolidated into the Prysmian perimeter for financial reporting as of June 1, 2025. As communicated at 1Q?25, Prysmian?s FY25 guidance excludes the contribution of Channell. Channell, which reported $320 million of net sales1 in 2024, complements Prysmian?s current Digital Solutions business thanks to Channell?s vertical integration, US manufacturing and commercial footprint, and diverse product portfolio of vaults, fiber optics, thermoplastic enclosures and metal enclosures.