General Cable’s shareholders have approved the acquisition by Prysmian.
The approval follows Prysmian’s definitive merger agreement announcement in December last year, under which Prysmian will acquire General Cable for $30.00 per share in cash.
The transaction values General Cable at approximately $3 billion, including debt and certain other General Cable liabilities.
According to Prysmian, approximately 75% of the total number of shares of common stock outstanding and entitled to vote at the General Cable’s Special Meeting and approximately 99% of the total votes cast, were in favor of the merger.
Headquartered in Kentucky (USA), General Cable is a global player in the development, design, manufacture, marketing and distribution of copper, aluminum and fiber optic wire and cable products. The company, additionally engages in the design, integration and installation on a turn-key basis of products such as high and extra-high voltage terrestrial and submarine systems.
Subject to regulatory approvals and other customary closing conditions, the completion of the acquisition is expected to take place by the third quarter of 2018.