Investing.com -- Emerson (NYSE:EMR) Electric, a major player in automation technology, has agreed to purchase the remaining shares of Aspen Technology (NASDAQ:AZPN), a move that values the software company's remaining stake at $7.2 billion.
The agreement, announced on Monday, involves Emerson acquiring the remaining 43% of Aspen's stock at a price of $265.00 a share.
Emerson already holds about 57% of Aspen's stock due to an investment made in 2022 when the company acquired a majority stake of 55%. The recent deal will result in Emerson owning 100% of Aspen's shares.
Over the past 52 weeks, Aspen's stock has seen a substantial rise. The company's shares have increased by nearly 27%, closing on Friday at a price of $255.16 per share.
The acquisition deal places the total value of Aspen Technology at a fully diluted market capitalization of $17 billion, with an enterprise value of $16.8 billion. This move marks a significant development in the automation technology industry, as Emerson solidifies its ownership of Aspen Technology.
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