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ABB to Acquire Thomas and Betts for $3.9 Billion
Published:
Monday, 30 Jan 2012 | 1:33 AM ET
Text Size 
By: Reuters
U.S. manufacturer Thomas and Betts said it has agreed to be acquired by Switzerland's ABB in a $3.9 billion cash transaction.
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AP |
ABB [ABBN.VX
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] will pay $72 per share in cash for Thomas and Betts, a 24 percent premium over the stock's Friday's close price.
Through the deal, ABB will gain access to Thomas & Betts [TNB
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] network of more than 6,000 distributor locations and wholesalers in North America.
"This transaction delivers significant value to our shareholders and will enable Thomas & Betts to accelerate our global growth strategy," said Thomas & Betts chief executive Dominic Pileggi said in a statement.
Copyright 2012 Thomson Reuters. Click for restrictions.
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