[May 23, 2012] General Cable to acquire Alcan Cable from Rio Tinto Tweet May 23, 2012 (Datamonitor Financial Deals Tracker via COMTEX) -- General Cable Corporation has agreed to acquire Alcan Cable, an integrated manufacturer of aluminum cable, rod, and strip products, from Rio Tinto plc, a UK-based mining group, for $185 million in cash. Both General Cable and Alcan are based in the US. General Cable is engaged in the development, design, manufacture, marketing and distribution of copper; aluminum; and fiber optic wires and cable products. General Cable will finance the transaction through its asset based revolving credit facility. Alcan Cable employs approximately 1,050 associates. N M Rothschild & Sons Limited is acting as financial advisor to Rio Tinto. The transaction is expected to close in the second half of 2012. Deal Value (US$ Million) 185 Deal Type Acquisition Sub-Category 100% Acquisition Deal Status Announced: 2012-05-21 Deal Participants Target (Company) Alcan Cable Acquirer (Company) General Cable Corporation Vendor (Company) Rio Tinto plc Deal Rationale The acquisition will allow General Cable to further expand its range of products and increases its capacity to serve its electric utility customers with transmission and distribution products. The acquisition further enhances General Cable ability to service the Mexican market. General Cable estimates the acquisition will contribute approximately $650-700 million in revenues at current metal prices. [ Back To TMCnet.com's Homepage ]