Prysmian Group and General Cable Corporation have announced a definitive merger agreement that will see Prysmian acquire General Cable.

The transaction was unanimously approved by each company’s Board of Directors and is expected to close by the third quarter of 2018.

“The acquisition of General Cable represents a landmark moment for Prysmian Group and a strategic and unique opportunity to create value for our shareholders and customers. Through the combination of two of the premier companies in the cable industry we will be enhancing our position in the sector, by increasing our presence in North America and expanding our footprint in Europe and South America,” says Prysmian Group chief executive Valerio Battista.

General Cable president and chief executive Michael T. McDonnell says the agreement is an ideal strategic fit that will ensure General Cable is well-positioned to meet the future opportunities and challenges in the wire and cable industry.

“Together, we will be able to deliver a robust portfolio of products and services and new product innovation across the full breadth of the wire and cable industry globally. Importantly, Prysmian and General Cable have a shared vision and highly compatible cultures founded on similar values,” says Michael.

“I am extremely proud of our people’s efforts to transform our business over the past several years, including rationalizing the asset base and refocusing on core businesses, streamlining our supply chain, and accelerating profitable growth and innovation in key segments. Today’s announcement is a testament to the team’s hard work and tireless dedication.”