The Prysmian Group is an Italian multinational corporation headquartered in Milan that manufactures electric power transmission and telecommunications cables and systems. It is the largest manufacturer of cables in the world measured by revenues.
Prysmian Group has sales of some €7.567 billion in 2016 and employs about 21,000 employees across 50 countries, 91 production plants and 17 Research and Development centres.
Prysmian Group is a public company, listed on the Borsa Italiana in the FTSE MIB index.
Prysmian Group was created in 2011 through the merger of Prysmian and Draka, both of which were leaders in innovation and technologies in the cable industry. In 2009, Italian cable manufacturer Prysmian made a takeover offer for Draka, but doubts began to emerge in August. Prysmian called off the takeover talks in early September. In October 2010, French cable maker Nexans made a €15/share offer to buy the 43.9% of the company held by Flint Beheer, an investment fund owned by the wealthy Fentener van Vlissingen family. Nexans indicated that it would sell off Draka's telecommunications activities. However, Draka rejected Nexans' offer, and on 22 November 2010 instead accepted Prysmian's new offer of €17.20/share (9.1x EBITDA). Prysmian intended to integrate Draka's operations into their own, rather than breaking it up; integration costs are estimated at €170 million over three years. The merger of Prysmian and Draka, and the integration of the two market-leading companies, culminated in the creation of the world's largest cable maker by revenue, the Prysmian Group.
Prysmian Srl was created by Goldman Sachs from the cables and systems division of Pirelli & C. S.p.A.. Goldman Sachs signed an agreement on 1 June 2005 to purchase the two companies who made up the division: Pirelli Cavi e Sistemi Energia S.p.A. and Pirelli Cavi e Sistemi Telecom S.p.A. The transaction was completed on 28 July 2005, after regulatory approval by the relevant antitrust authorities.
On 16 January 2007 Prysmian Srl was transformed into the stock corporation Prysmian S.p.A. and quoted in the FTSE MIB index of the Milan stock exchange.
On 22 November 2010 Prysmian announced its intention of making a public mixed exchange and cash offer for the shares of Draka. The offer was launched on 5 January 2011 and concluded successfully on 8 February 2011.