Software maker Aspen Technology (AZPN) shares hit an all-time high Monday when technology and software provider Emerson Electric (EMR) said it would buy the remaining shares of AspenTech it doesn’t already own for about $7.2 billion.
Emerson said it would pay $265 per share in cash for the minority stake in AspenTech, a nearly 4% premium to Friday’s closing price. The company currently owns 57% of AspenTech’s outstanding shares, and once the deal is completed AspenTech will become a wholly owned subsidiary.
Emerson CEO Lal Karsanbhai called the acquisition “a key milestone in our portfolio transformation,” explaining that the addition of AspenTech would “advance our vision for software-defined control.”
The transaction is expected to close in the first half of this year. At that point, AspenTech shares would cease trading on the Nasdaq.
Aspen Technology shares were up more than 3% Monday morning to a record $263.64 and have risen about 30% …