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Nortek Inc to acquire ABB Ltd's ventilation and air conditioning business

Friday, 21 Mar 2014 08:00am EDT 

Nortek Inc:Signed a definitive agreement to acquire the heating, ventilation and air conditioning (HVAC) business of Thomas & Betts Corporation, which is a wholly owned subsidiary of ABB Ltd.Wells Fargo Securities, LLC served as exclusive financial advisor to Nortek.Under the terms of the agreement, Nortek will pay about $260 million for in an all-cash transaction.T&B HVAC includes Reznor Manufacturing Company, LLC (U.S.), AmbiRad Ltd (U.K.), Reznor Europe, N.V. (Belgium), Gaz Industrie S.A.S. (France) and manufacturing operations in Monterrey, Mexico. 

Company Quote

30 Oct 2014