Forstmann Little agreed to buy McGraw-Edison.

Jim Novy, a McGraw-Edison spokesman, said the agreement calls for New York-based Forstmann to pay $59 cash for each McGraw common share. The total value of the transaction, based on McGraw’s 16.55 million shares and debt to be assumed, is about $1.3 billion, Novy said. McGraw-Edison, based in Rolling Meadows, Ill., makes and supplies electrical products and related services for various industrial, utility, commercial and automotive applications.