A Prysmian-led joint venture with Fincantieri has signed an agreement to acquire Xtera Topco Limited, a UK- and US-based provider of turnkey subsea telecom systems, in a move that expands Prysmian’s presence
A Prysmian-led joint venture with Fincantieri has signed an agreement to acquire Xtera Topco Limited, a UK- and US-based provider of turnkey subsea telecom systems, in a move that expands Prysmian’s presence beyond energy cables into subsea telecommunications.
The acquisition will be carried out by a joint venture between Prysmian, which will hold an 80% stake, and Fincantieri, which will own the remaining 20%. The deal implies an enterprise value of $65 million and is expected to close in the first quarter of 2026, subject to regulatory approvals.
Xtera is being acquired from an affiliate of H.I.G. Capital. The acquisition will allow Prysmian to become a global player in subsea telecom solutions, building on its existing expertise in subsea energy cables. The partnership with Fincantieri also includes plans to develop installation and security services aimed at offering customers an integrated solution for subsea telecom infrastructure.
Subsea telecom cables are seen as long-term growth assets as demand rises from data centers, hyperscalers and artificial intelligence-related infrastructure, while security considerations are increasingly central to cable deployment and operations.
“Thanks to the acquisition of Xtera we have made a significant leap forward in subsea telecoms, where growth is accelerating driven by the adoption of
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