Thomas & Betts Corp. has signed a definitive agreement to acquire Lamson & Sessions in an all-cash transaction valued at US$27 per share or approximately US$450 million.

The company has committed debt financing to fund the transaction. Subject to the satisfaction of customary closing conditions and the approval of Lamson & Sessions' shareholders, the transaction is expected to close later this year.

“This acquisition is a great fit with Thomas & Betts and is consistent with our strategy of expanding our portfolio of market-leading brands and leveraging our business infrastructure to enhance our already strong relationship with distributors and end users of electrical products,” said Dominic Pileggi, the firm’s chairman and CEO.

Lamson & Sessions is a supplier of nonmetallic electrical boxes, fittings, flexible conduit and industrial PVC pipe.