Southwire Co., Carrollton, GA, has agreed to acquire Coleman Cable Inc. (NASDAQ: CCIX), Waukegan, IL. The transaction values Coleman at about $786 million, including the assumption of $294 million in net debt. The $26.25 per share in cash price represents a premium of approximately 16.6 percent to the closing share price on October 29.
Stuart Thorn, president and CEO of Southwire, says the combination will provide a stronger platform for innovation. Following closing around the first quarter of 2014, Coleman's management team will join the Southwire organization, and Southwire expects to maintain a significant presence in Waukegan.