Jan. 30 (Bloomberg) -- ABB Ltd., the world’s largest maker of power-distribution equipment, said it obtained $4 billion of underwritten short-term debt from Bank of America Corp. to fund its acquisition of Thomas & Betts Corp.
The bridge financing will be repaid through cash and the sale of bonds, the Zurich-based company said in a statement. ABB said it’s buying Memphis, Tennessee-based Thomas & Betts for $3.9 billion to expand its North American distribution network and boost low-voltage equipment.
The Swiss company estimates the purchase will double its addressable low-voltage products market to approximately $24 billion in North America. Previously, its revenue in low-voltage in the region was just $240 million.
--Editors: Michael Shanahan, Andre Reierson
To contact the reporter on this story: Patricia Kuo in London at firstname.lastname@example.org
To contact the editor responsible for this story: Faris Khan at email@example.com