U.S. manufacturer Thomas and Betts Corp said it has agreed to be acquired by Switzerland's ABB in a $3.9 billion cash transaction.

ABB will pay $72 per share in cash for Thomas and Betts, a 24 percent premium over the stock's Friday's close price.

Through the deal, ABB will gain access to Thomas & Betts network of more than 6,000 distributor locations and wholesalers in North America.

This transaction delivers significant value to our shareholders and will enable Thomas & Betts to accelerate our global growth strategy, said Thomas & Betts chief executive Dominic Pileggi said in a statement.

(Reporting by Sakthi Prasad)