ABB Buying Thomas & Betts For $3.9 Billion
January 30 2012 - 1:13AM
Dow Jones News
Power technology group ABB (ABB) is buying electrical equipment
producer Thomas & Betts Corp. (TNB) for $3.9 billion in cash,
both companies announced Monday.
ABB said in a joint statement it will pay $72 a share for Thomas
& Betts. This is a 24% premium to its last-traded price on Jan.
27 and a 35% premium to is 60-day weighted average.
The purchase will result in "annual synergies" of $200 million,
ABB said in the statement.
ABB added it has arranged for $4 billion in financing from Bank
of America Merrill Lynch. The deal is expected to be completed by
mid-2012.
Thomas Betts (NYSE:TNB)
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