Nexans wraps up EUR-520m deal to buy Italian cables maker

French cable systems and services provider Nexans SA (EPA:NEX) said on Thursday that it has closed the purchase of Italian medium- and low-voltage cable expert La Triveneta Cavi in a deal with an enterprise value of around EUR 520 million (USD 564.9m).

“The acquisition […] significantly strengthens our presence in the electrification segment, where we have successfully completed two acquisitions over the past two years and it will further enable the acceleration of new sustainable offer launches in high-demand sectors,” Nexans’ CEO Christopher Guerin noted in a statement.

The transaction, agreed upon in February without its financial details being disclosed, was wrapped up after the European Commission (EC) gave an unconditional nod to the tie-up earlier this month.

According to the latest announcement, the acquisition implied a multiple of 5.6 times the Italian firm's 2023 EBITDA pre-synergies and 4.6 times post run-rate synergies.

Established in 1965, La Triveneta Cavi is an industrial cable maker offering solutions for building, infrastructure, fire-retardant cable systems and renewable applications.

The acquired company has three cable production units and one in-house copper drawing facility. It is active across 30 countries. With about 700 employees, the business generated revenue of over EUR 800 million over the last 12 months.

(EUR 1 = USD 1.086)

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