McKinney-based Encore Wire will soon be acquired by Prysmian after the two companies announced a merger agreement in April.

Each company’s board of directors approved the merger which is expected to finish in the second half of 2024, according to an April 15 news release from Encore Wire. Prysmian will acquire Encore Wire for $290 per share in cash, according to the news release. Following the acquisition, Prysmian expects to maintain a “significant presence” at Encore Wire’s site in McKinney.

Encore Wire was founded in 1989 in McKinney, according to its website. What started in a 68,000-square-foot industrial warehouse has grown to 3.5 million square feet across 460 acres in McKinney. The company, which employed more than 1,600 workers as of November 2023, manufactures a broad range of copper and aluminum electrical wire and cables.

A company shareholder meeting is scheduled June 26. During the meeting, shareholders will consider and adopt a plan for the merger, according to Encore Wire’s website