Emerson Electric to Buy National Instruments in $8.2 Billion Deal
12 Abril 2023 - 7:59AM
Noticias Dow Jones
By Dean Seal
Emerson Electric Co. will acquire National Instruments Corp. for
$60 a share in cash.
The St. Louis-based technology and engineering company said
Wednesday that it has reached a deal that gives National
Instruments an equity value of $8.2 billion.
Emerson already owns about 2% of the company's shares and had
been trying for nearly a year to buy all of National Instruments'
outstanding equity.
In January, Emerson publicized a $53-per-share acquisition offer
that the Austin-based company's board had rejected in an effort to
entice National Instruments' shareholders. The public proposal came
eight months after the board of National Instruments declined
Emerson's offer for an acquisition at $48 a share.
The latest $60-a-share offer received approval from both
companies' boards.
Emerson said it expects to finance the deal with available cash
and liquidity, including about $8 billion of post-tax proceeds from
the sale of its majority stake in its Climate Technologies business
to private equity funds managed by Blackstone, which is expected to
close in the second quarter of this calendar year.
The transaction is expected to close in the first half of
Emerson's fiscal 2024.
Emerson's existing 2.3 million shares of the company were
acquired at a weighted average price of $36.84, making Emerson's
effective per-share purchase price $59.61.
National Instruments' shares were halted at $52.58 in premarket
trading. Shares of Emerson fell 1.7% to $83.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
April 12, 2023 08:44 ET (12:44 GMT)
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