Tyco Electronics Ltd. says it's acquiring ADC Telecommunication in a deal valued at $1.24 billion.

Switzerland-based Tyco, which was spun off from Tyco International, says it will pay $12.75 per share in cash for the networking equipment maker.

Shares of ADC, based in Eden Prairie, Minn., closed Monday at $8.85. That makes Tuesday's offer a 44 percent premium.

Tyco says the acquisition will help it provide broadband access to networks around the world. The deal is expected to boost Tyco's per-share profit by 14 cents in the first full year. That figure excludes acquisition costs.

The deal is expected to close in the fourth quarter, pending regulatory approval.