Atkore International Group Inc shares surged more than 26% in U.S. premarket trading on Monday after Prysmian Sp A agreed to acquire the electrical products maker in an all‑cash deal valued at $3.8 billion. Atkore was last up 26.1% at $92 in premarket, approaching Prysmian’s $95‑per‑share offer price.

Prysmian shares fell 2% to €117.8 in Milan, underperforming the FTSE MIB, which rose 0.7%.

Prysmian will pay $95 per Atkore share, a roughly 30% premium to Atkore’s Friday close. Both boards approved the deal, which is slated to close by end‑2026 and will be financed through a mix of debt and equity.

The acquisition aims to boost Prysmian’s portfolio of electrical infrastructure products amid rising electrification demand and AI‑driven data‑center buildout. CEO Massimo Battaini said, "Electrification, AI‑driven data centers and digitalization all require major investments in infrastructure, and they are critical to the modern economy."