Emerson to buy Avocent for $1.2 billion
(AP) -- Emerson Electric Co. said Tuesday it has agreed to buy Avocent Corp. for about $1.2 billion in cash, a move the company says will offer customers better management of their data centers.
The manufacturing and technology services company said it will offer $25 per share for Avocent, a 22 percent premium over Monday's closing price.
Huntsville, Ala.-based Avocent makes network equipment and software and had sales of about $657 million last year.
St. Louis-based Emerson expects the deal to close around Jan. 1.
Avocent shares jumped $4.28, or 21 percent, to $24.80 in premarket trading.
©2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Citation:
Emerson to buy Avocent for $1.2 billion (2009, October 6)
retrieved 26 April 2024
from https://phys.org/news/2009-10-emerson-avocent-billion.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no
part may be reproduced without the written permission. The content is provided for information purposes only.
