BY JOHN REVILL

ZURICH—Switzerland’s ABB Ltd on Monday said it has agreed to pay $3.9 billion in cash for Thomas & Betts Corp. to increase its exposure to the U.S. low-voltage electrical equipment market.

The power and technology group said it is paying $72 a share for Thomas & Betts, a major North American supplier of power transmission lines and electrical conduits, as well as heating and ventilation products.

The acquisition price represents a 24% premium to Thomas & Bett’s closing share price on Jan. 27 and a 35% premium to its average stock price over the past 60 trading days, ABB said.