Swiss engineering company ABB announced on Jan. 30 that it had acquired U.S. rival Thomas & Betts for $3.9 billion.
The deal will see ABB gain access to Thomas & Betts' network of more than 6,000 distributor locations and wholesalers in North America, the firm said.
Thomas & Betts', a leader in low voltage products, will be integrated into ABB's Low Voltage Products division as a stand-alone unit working out of Memphis, Tenn.
ABB made the acquisition for $72 per share in cash, representing a 24% premium to Thomas and Betts' closing price on Jan 26.
Chief executive Joe Hogan described the deal as a "great fit."
"Because our products are complimentary we'll go to market with one of the broadest offerings in the industry," he said.