Published by Global Banking & Finance Review®
Posted on April 14, 2025
1 min readLast updated: January 24, 2026
Prysmian sells a 3.7% stake in YOFC for $45.16 million to aid its $1.15 billion acquisition of Channell, potentially selling more shares.
(Reuters) - Italy's Prysmian sold a 3.7% stake in Hong Kong-listed Yangtze Optical Fibre and Cable (YOFC) for around HK$350.2 million ($45.16 million) to support its $1.15 billion acquisition of U.S. group Channell, the cable maker said on Monday.
The stake in "YOFC is a financial participation and will help us minimize the use of treasury shares for the acquisition of Channell," a Prysmian spokesperson told Reuters.
When asked about any further disposals of shares Prysmian still holds in YOFC, the spokesperson did not rule out such a possibility.
Prysmian sold around 28.2 million H shares of YOFC for HK$12.40 per share. H share refers to mainland China's companies that are listed in Hong Kong.
YOFC mainly produces and sells different types of optical fibres and optical fibre cables that are widely installed in telecommunications.
($1 = 7.7548 Hong Kong dollars)
(Reporting by Alberto Chiumento and Giulio Piovaccari; Editing by Tomasz Janowski)
The article discusses Prysmian's sale of a stake in YOFC to fund its acquisition of Channell.
Prysmian sold the stake to raise funds for its acquisition of the U.S. group Channell.
YOFC specializes in producing and selling optical fibres and cables.
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