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Cash and stock transactions Presentation On Monday, AspenTech was valued at around $ 160 per share, a 27% premium over the closing price on October 6. Bloomberg News First, I reported on the negotiations between the two companies.
According to both companies, AspenTech shareholders will receive $ 87.00 per share they currently own and 0.42 shares of the new company. Emerson will own 55% of the new company and Aspentech shareholders will own the rest.
After the transaction is expected to close in the second quarter of 2022, the new entity will retain the name of AspenTech and will be led by its current CEO, Antonio Pietri.
On Monday, the company advertised the deal as a way to capture Increasing demand for industrial technology..
St. Louis, Missouri-based Emerson provides automation solutions for the automotive, oil and gas sectors, and Bedford, Missouri-based AspenTech provides software for companies in the mining, chemical, manufacturing and pharmaceutical industries. I am manufacturing.
Emerson contributes to the software business OSI and geological simulation software.
The new company is expected to generate $ 1.1 billion in revenue and $ 90 million in adjusted revenue in 2022, while hiring 3,700 people, Emerson said.
Emerson’s President and Chief Executive Officer, Lal Calsanbai, said, “A compelling way to accelerate your software strategy to take advantage of the rapidly evolving outlook for industrial software and advance your journey in Emerson’s high-value portfolio. I saw an opportunity. “
“Our customers are increasingly looking for partners to help them achieve stronger performance by automating facility workflows to optimize operations. The new AspenTech is an acquisition and organic growth. It will be both engines, “he said.
“We can improve our position as the premier, highly diversified industrial software leader, ready for significant growth,” said Pietri.
Goldman Sachs and Centerview Partners are Emerson’s financial advisors, and JP Morgan advises Aspentech.
sauce: Equity news