Key Takeaways
- Emerson Electric said it will bargain each nan remaining shares of Aspen Technology it doesn't already ain for astir $7.2 cardinal successful an all-cash deal.
- Emerson will salary $265 per stock for nan stake, a 3.9% premium to Aspen's closing value connected Friday.
- The news sent AspenTech shares to a grounds high.
Software shaper Aspen Technology (AZPN) shares deed an all-time precocious Monday erstwhile exertion and package supplier Emerson Electric (EMR) said it would bargain nan remaining shares of AspenTech it doesn't already ain for astir $7.2 billion.
Emerson said it would salary $265 per stock successful rate for nan number liking successful AspenTech, a astir 4% premium to Friday's closing price. The institution presently owns 57% of AspenTech's outstanding shares, and erstwhile nan woody is completed AspenTech will go a wholly owned subsidiary.
Emerson CEO Lal Karsanbhai called nan acquisition "a cardinal milestone successful our portfolio transformation," explaining that nan summation of AspenTech would "advance our imagination for software-defined control."
The transaction is expected to adjacent successful nan first half of this year. At that point, AspenTech shares would cease trading connected nan Nasdaq.
Aspen Technology shares were up much than 3% Monday greeting to a grounds $263.64 and person risen astir 30% successful nan past year. Shares of Emerson Electric dropped astir 1.5% connected nan news, but they stay 35% higher than a twelvemonth ago.
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