Prysmian to Acquire Submarine Cable Survey & Installation Leader ACSM for €169 Million
Prysmian’s acquisition of ACSM adds three dedicated vessels and over 350 subsea specialists to its submarine cable operations. Photo Credit: Prysmian
Key Points
- Prysmian will acquire ACSM, a Spain-based subsea services leader, for €169 million in an all-cash transaction funded from its existing balance sheet.
- The deal values ACSM at 6.6x EV/EBITDA on 2024 results, with ACSM reporting €62 million in revenues and €22 million in EBITDA for the year.
- ACSM brings three dedicated vessels, a fleet of remotely operated vehicles (ROVs), seabed trenching machines, and over 350 subsea specialists across 60 countries.
- The acquisition accelerates Prysmian’s full vertical integration strategy in submarine cables, adding in-house surveying, route planning and seabed preparation capabilities.
- Transaction closing is expected by the end of February 2026, subject to customary adjustments based on net financial position, working capital and capex.
Deal Overview
Prysmian announced on January 23, 2026 that it will acquire ACSM, a Spain-based leader in submarine cable installation services, in an all-cash transaction valued at €169 million1. The purchase price incorporates €24 million in capital expenditure related to a new vessel delivered to ACSM in the fourth quarter of 2025.
ACSM specialises in subsea surveying, route planning, seabed preparation and post-installation monitoring — capabilities that are essential preconditions for every submarine cable project. The company has served as a supplier to Prysmian on several significant projects prior to this acquisition.
The transaction is expected to close by the end of February 2026, subject to a customary adjustment mechanism based on ACSM’s net financial position, working capital and capital expenditure. Prysmian will fund the acquisition entirely from cash available on its balance sheet, with no new debt financing required.
“When the world thinks of submarine cables, they think of Prysmian, and this acquisition is another significant step forward. We gain the know-how of over 350 experts in subsea surveying and preparation, three dedicated vessels and essential equipment while strengthening our offer as a one-stop shop for customers.”
— Raul Gil, EVP Transmission, Prysmian
Transaction Terms
The €169 million transaction value represents a multiple of 6.6x EV/EBITDA on ACSM’s 2024 financial results — calculated on an enterprise-value basis excluding the €24 million capex component for the new vessel. ACSM reported revenues of €62 million and EBITDA of €22 million for the full year 2024.
As of December 31, 2024, ACSM carried net debt of €14.4 million. Prysmian will assume this liability as part of the transaction. The deal will be financed entirely from existing cash resources, reflecting Prysmian’s strong balance sheet position following revenues in excess of €17 billion in 2024.
| Term | Details |
|---|---|
| Transaction Value | €169 million |
| Consideration Structure | All-cash, funded from Prysmian balance sheet |
| Valuation Multiple | 6.6x EV/EBITDA (2024, ex-vessel capex) |
| ACSM 2024 Revenue | €62 million |
| ACSM 2024 EBITDA | €22 million |
| ACSM Net Debt (31 Dec 2024) | €14.4 million |
| Expected Closing | By end of February 2026 |
| Adjustment Mechanism | Net financial position, working capital & capex |
Strategic Rationale
Prysmian is the world’s largest cable manufacturer by revenues, with operations spanning Transmission, Power Grid, Electrification and Digital Solutions. The company has long held a leading position in submarine cable manufacturing and installation, but has historically relied on third parties — including ACSM itself — for subsea surveying and seabed preparation services.
By bringing these capabilities in-house, Prysmian gains direct control over the entire submarine cable project lifecycle — from initial route survey and seabed clearance through to cable manufacture, installation and burial. This positions the company as a true one-stop shop for energy and telecom customers executing major offshore infrastructure projects, at a time when demand for subsea interconnectors and offshore wind farm cabling is growing rapidly across Europe and beyond.
“Combining our global leadership and capabilities, with ACSM’s expertise and solutions, we will deliver optimized installation and burial processes that will set the standard for cost-effectiveness, the speed of installation and the most robust protection. Submarine cables are strategic assets, and security is a differentiator for our customers, and this acquisition further strengthens the range of solutions available to keep electricity and data safe under the sea.”
— Raul Gil, EVP Transmission, Prysmian
The deal also adds ACSM’s expertise in offshore renewable energy projects, salvage and rescue operations, and research and development. These capabilities extend Prysmian’s service offering into adjacent subsea market segments that are likely to see increasing activity as the energy transition accelerates.
About ACSM
Founded over 20 years ago and headquartered in Vigo, Spain, ACSM has established itself as a global provider of integrated subsea services with a track record spanning hundreds of completed operations across 60 countries. The company employs over 350 specialists in subsea surveying, seabed preparation and offshore installation support.
ACSM’s operational capabilities span the full range of pre- and post-installation activities required for submarine cable projects. These include route clearance, boulder and debris removal, the removal of unexploded ordnance, dredging, and so-called “mattress installation” — the placement of concrete blocks around cables to provide physical protection. The company operates a fleet of DP2 vessels, work-class remotely operated vehicles (ROVs), seabed trenching machines and survey equipment.
“We are very pleased to begin this new chapter together with Prysmian. ACSM’s growth has been built on our unwavering commitment to operational excellence, the expertise of our teams, and a fleet of state-of-the-art vessels that enable us to deliver highly reliable subsea services. Joining forces with a global leader like Prysmian will allow us to further strengthen these capabilities, ensuring we continue to provide outstanding value to our partners and clients worldwide.”
— Jose Cubeiro, CEO, ACSM
Prysmian, the acquirer, is a publicly listed cable solutions provider on the Italian Stock Exchange with nearly 150 years of experience. The company operates 107 manufacturing plants and 27 research and development centres across more than 50 countries, employing over 33,000 people and generating revenues of over €17 billion in 2024.