Stock Groups

Emerson Electric working on deal with software firm Aspen Tech

by Mike Robinson

[ad_1]

© Reuters. Emerson Electric Co. was displayed on a floor of the New York Stock Exchange in New York, U.S.A, January 13, 2020. REUTERS/Brendan McDermid

(Reuters) – Emerson, a major manufacturer, is in discussions to combine its software assets and Aspen Technology (NASDAQ 🙂 Inc. Bloomberg News, citing sources with knowledge, reported Wednesday that Emerson (NYSE 🙂 Electric Co was in negotiations.

Emerson is discussing a deal to combine its software assets with Aspen Tech and gain majority control of the combined company, the report said https://bloom.bg/3FnEU7w, adding that Aspen Tech would keep its own public listing.

Emerson has a range of products that includes automation software and air conditioning tools. Aspen Tech didn’t immediately reply to Reuters requests for comment.

According to Wednesday’s closing price, Aspen was valued at $8.42 Billion, and Emerson at $57.17 Billion.

Aspen has long been considered an attractive takeover target for big industrial companies looking to expand in software, Bloomberg News reported https://www.bloomberg.com/news/articles/2021-05-12/software-maker-aspen-tech-is-said-to-weigh-minority-stake-sale in May.

Aspen, a company based in Bedford, Massachusetts, has over 2,300 clients worldwide, according to its website. The company makes software that is used by companies working in mining, chemicals and manufacturing.

More than a year ago, Emerson had announced the $1.6 million purchase of Open Systems International (operations technology company).

Disclaimer Fusion MediaThis website does not provide accurate and current data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.



[ad_2]