Emerson makes $7.6 bln bid for NI Corp (updated)
17/01/2023 12:04
(Adds details, background)
Jan 17 (Reuters) - U.S. industrial and software firm
Emerson Electric Co EMR.N on Tuesday offered to buy automated
testing equipment maker NI Corp NATI.O in deal with an
enterprise value of $7.6 billion.
Emerson's $53 per share bid represents a premium of about
13% to NI's close of $46.97 per share on Friday.
NI did not immediately respond to a Reuters e-mail for
comment on the bid.
Texas-based NI, formerly known as National Instruments,
specializes in making automated testing and measurement tools to
aid in research and validation of new technologies in the
semiconductor, transportation, aerospace and defense industries.
Emerson, which has been streamlining its operations over the
past few years has been doubling down on its efforts in
automation to capitalize on hot demand in the sector.
The offer comes days after Reuters reported that NI was
exploring strategic options after acquisition interest from
companies including Emerson.
(Reporting by Nathan Gomes in Bengaluru; Editing by Savio
D'Souza)
((Nathan.Gomes@thomsonreuters.com;))