ABB to acquire Thomas and Betts for $3.9bn

City A.M. Reporter
US manufacturer Thomas and Betts said it has agreed to be acquired by Switzerland's in a $3.9bn (£2.4bn) cash transaction.

ABB will pay $72 per share in cash for Thomas and Betts, a 24 per cent premium over the stock's Friday's close price.

Through the deal, ABB will gain access to Thomas & Betts network of more than 6,000 distributor locations and wholesalers in North America.

Learn how to get the most out of your ISA & avoid common mistakes
How to Trade the Markets with Spread Betting

"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.