Southwire acquiring Coleman Cable for $492M plus debt

Multiplemediaoutlets have reported that Coleman Cable has agreed to be acquired by Southwire Company in a deal expected to close in the first quarter of 2014. Privately held Southwire will pay $26.25 per share for publicly traded Coleman—a premium of more than 16 percent over the closing price on October 29, which was when reports began to surface about a potential acquisition. That per-share offer amounts to $492 million; Southwire also will assume $294 million in debt.

Both companies manufacture primarily electrical cables, but also produce cable for some types of communication systems.