Mergers and acquisitions bankers at Credit Suisse have helped Swiss engineering group ABB seal a deal for one of General Electric's businesses, adding to a busy period for European buyers picking up targets in the US.

ABB said on Monday that it had agreed a $2.6bn takeover of GE's industrial solutions business, which is based in Atlanta and employs about 13,500 people globally. It will become part of ABB's electrification products business.