HOUSTON,TX June 11, 2012: General Cable Corp. has acquired a 60 percent equity interest in Procables S.A., a privately owned Colombian manufacturer of cable and wire products, for $45 million subject to standard price adjustments. The remaining 40% of Bogota-based Procables will remain with local privately held conglomerate The Sredni Group.
Highland Heights, Ky.-based General Cable, a global leader in the development, design, manufacture, marketing and distribution of fiber optic wire and cable products, further solidifies its coverage throughout the Americas and enhances its presence in the strategically important Andean region via this purchase. The transaction is expected to close in the second half of 2012, subject to the receipt of antitrust clearance from Colombia's Superintendencia de Industria y Comercio.
Morgan Lewis served as legal advisor to General Cable on the transaction. The Morgan Lewis deal team was led by Business & Finance partner Carlos Treistman and Business & Finance associate Humberto Padilla Gonzalez who were assisted by Business & Finance associates Rodrigo Dominguez Sotomayor and David Aaronson.
For more information, please see the company press release.