Prysmian, Milan, said it will acquire ACSM, Vigo, Spain, a provider of submarine cable survey and installation solutions, in a deal valued at €169 million ($200.4 million) as the company moves toward full vertical integration of its submarine cable operations.
The transaction value includes €24 million ($28.5 million) in capital expenditures related to a vessel delivered to ACSM in the fourth quarter of 2025 and is subject to customary adjustments based on net financial position, working capital and capex. The multiple on 2024 results is 6.6 times enterprise value to EBITDA. Prysmian said it will fund the acquisition using cash on its balance sheet and expects the deal to close by February.
ACSM has more than 20 years of experience in the offshore cable sector and provides services including subsea surveying, route planning, seabed preparation, and installation support. The company operates in more than 60 countries and employs more than 350 people.
In 2024, ACSM reported revenues of €62 million ($73.5 million) and EBITDA of €22 million ($26.1 million). As of Dec. 31, 2024, the company had net debt of €14.4 million ($17.1 million).
Prysmian said the acquisition will strengthen its global leadership in submarine cables and expand its offering to energy and telecommunications customers by bringing key capabilities in-house. The company said integrating ACSM will accelerate the vertical integration of its submarine activities and add specialized assets and expertise, including survey equipment, remotely operated vehicles, seabed trenching machines, and three vessels.
Raul Gil, executive vice president of transmission at Prysmian, described the acquisition as a “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,” Gil said. “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.”
ACSM’s services cover the full installation cycle of submarine cables, including pre-installation surveys, route clearance, removal of obstacles such as boulders, debris and unexploded devices, dredging, and post-installation protection measures such as concrete mattress installation. Prysmian said these capabilities complement its existing portfolio of submarine cable installation vessels and burial tools.
ACSM has previously supplied Prysmian with surveying and route-preparation services on several projects. Prysmian also said it will benefit from ACSM’s experience in offshore renewable energy projects, salvage and rescue operations, and research and development.
Jose Cubeiro, chief executive officer of ACSM, said, “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.”
