Insights

In a decisive move to solidify its position as a fully integrated provider in the booming subsea cable market, Milan-based Prysmian Group, the world's largest cable manufacturer, announced on January 23, 2026, the acquisition of Spanish specialist ACSM. Valued at €169 million (or approximately $200 million) on an all-cash basis, the transaction implies a 6.6x EV/EBITDA multiple and is expected to close by February 2026.

This acquisition represents a key pillar in Prysmian's strategy to internalize critical marine services, bringing essential subsea surveying, seabed preparation, and installation capabilities directly under its corporate umbrella.

ACSM: A Profile of a Niche Leader

ACSM is a leading Spanish provider of global marine and subsea services, with over 20 years of experience in the offshore energy industry. Headquartered in Vigo, Spain, it has operational bases in the Canary Islands, Mexico, and the UAE, serving clients worldwide.

ACSM specializes in integrated solutions across the entire lifecycle of subsea assets, from initial surveys to installation, inspection, maintenance, and repair (IMR), and decommissioning. 

ACSM has a track record of hundreds of completed subsea operations in over 60 countries and has often acted as a key supplier to major cable-laying companies, including Prysmian. They specialize in niche services that complement large-scale cable installation, such as geophysical and geotechnical Investigations, route preparation and clearance, ROV operations, etc.

ACSM operates a fleet of three DP2 vessels, a large pool of work-class and inspection ROVs, and trenching machines. ACSM expanded its fleet with the acquisition of the DP2 vessel Nautilus in 2018 and the DP2 OSV Artabro in 2021. A third vessel, the OSV Genesis, was delivered to ACSM in the fourth quarter of 2025 as part of the company's strategic growth and expansion. The €24 million capital expenditure for this vessel was factored into the total acquisition value by Prysmian.

In the 2024 fiscal year, ACSM posted robust revenues of €62 million. The company demonstrated solid profitability with an EBITDA of €22 million (a 35.5% margin) and ended the year with a manageable net debt of €14.4 million.

Prysmian is set to acquire ACSM for €169 million (approximately $200 million USD), factoring in €24 million in capex for the new vessel OSV Genesis delivered to ACSM in Q4’25, subject to a customary adjustment mechanism based on ACSM’s net financial position, working capital and capex. The transaction multiple on ACSM's 2024 results is 6.6X EV/EBITDA. The transaction will be funded using cash available on Prysmian's balance sheet. The closing of the transaction is expected by February 2026. 

The Xtera Acquisition: A Complementary Strategic Move

The acquisition of ACSM closely follows Prysmian's other major foray into the subsea sector announced earlier in January 2026: the acquisition of subsea telecom cable provider Xtera. In partnership with Italian shipbuilding group Fincantieri (80% owned by Prysmian, 20% by Fincantieri), Prysmian is acquiring Xtera for a reported sum of approximately $65 million.

This joint venture, awaiting regulatory approval, is designed to create a "one-stop shop" for submarine telecom solutions. Xtera, a niche optical transport technology company, brings proprietary cable and repeater technology to the table. Its history is notable; rescued from Chapter 11 bankruptcy in 2016 by private equity firm H.I.G. Capital, Xtera was stabilized and built a portfolio of key projects like the NO-UK and TAM-1 cable systems before this profitable exit.

Strategic Rationale and Market Context

These back-to-back acquisitions are not coincidental. They form a coherent dual-pronged strategy by Prysmian to capture a larger share of the high-growth subsea cable market, which is being driven by:

• Exploding global data and AI traffic

• Demands for greater network resilience and security

• The global transition to renewable energy, requiring expansive interconnector and offshore wind farm cabling.

By acquiring Xtera, Prysmian gains vital technology and a project track record in the submarine telecommunications space. By acquiring ACSM, it brings in-house the indispensable marine engineering and installation services required to execute both telecom and energy cable projects.

Previously, companies like Prysmian might have subcontracted such marine services. Internalizing these capabilities through ACSM gives Prysmian greater control over project timelines, cost, and quality, allowing it to offer a true end-to-end solution—from manufacturing the cable at its plants to surveying the route and installing it on the seabed.

Conclusion

Prysmian Group's acquisition of ACSM is a calculated investment in vertical integration. Coupled with the pending purchase of Xtera, it transforms Prysmian from a premier cable manufacturer into a formidable, integrated turnkey provider. This strategic positioning allows Prysmian to compete more effectively across the entire value chain of the subsea cable industry, from high-tech manufacturing to complex marine operations, promising greater returns from the global infrastructure boom.