EU approves ABB's $3.9-bn acquisition of Thomas & Betts
12 May 2012
Swiss engineering group ABB yesterday secured European Union approval for its proposed $3.9-billion acquisition of US electrical components maker Thomas & Betts as the regulators did not see the deal affecting competition.
The European Commission said the deal shows no negative impact on rivals and customers.
"The overlaps between the parties' activities are limited and the merged entity would continue to face competition from a number of other strong competitors," the EU executive said in a statement.
"Customers will therefore still have a number of alternative suppliers in the markets concerned.'' The US regulators had approved the deal in late April.
In January, the Zurich-based engineering and electrical giant agreed to buy Thomas & Betts for $3.9 billion in cash in order to expand into the North American market for low-voltage products. (See: ABB to acquire US electrical components maker Thomas & Betts for $3.9 bn)
Memphis, Tennessee-based Thomas & Betts is a maker of electrical components and other products for industrial customers in North America, Europe and elsewhere.