ABB completes acquisition of Thomas & Betts

ABB (NYSE: ABB) has completed the acquisition of Thomas & Betts, a Tennessee-based provider of low-voltage products.

The deal will double ABB’s addressable market in North America to approximately $24 billion. Bank of America Merrill Lynch acted as financial advisor to ABB and Kirkland & Ellis LLP acted as the main legal advisor. Deutsche Bank Securities Inc. was the financial advisor for Thomas & Betts and Davis Polk & Wardwell LLP was the legal advisor.

Dominic Pileggi will remain as chairman of Thomas & Betts, and Charles Treadway, previously the chief operating officer, is now the CEO in Pileggi’s place. The headquarters remains in Memphis. In addition, Thomas & Betts shares have stopped trading on the New York Stock Exchange.

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