ABB to buy Thomas & Betts for $3.9bn

Swiss engineering giant ABB on Monday said it is buying US electrical equipment manufacturer Thomas & Betts in a $3.9bn cash transaction.

The world’s largest producer of power and automation technologies offered $72 a share in cash for the Tennessee-based company.

The acquisition will provide ABB access to Thomas & Betts network of over 6,000 distributor locations and help it double its low voltage products market to around $24bn in North America, according to a company statement.

The acquisition price represents a 24 percent premium to Thomas & Betts; closing stock price on Friday.

The Zurich-based company has secured a fully underwritten bridge financing worth $4bn from Bank of America Merrill Lynch, said the group.

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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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