Emerson, a global technology and software company, has purchased NI, a provider of software-connected automated test and measurement systems that work to help enterprises bring products to market faster and at a lower cost.
NI had $1.66 billion in 2022 revenue and operates in more than 40 countries, serving approximately 35,000 customers across semiconductor and electronics, transportation and aerospace and defense markets. Emerson will acquire NI for $60 per share in cash at an equity value of $8.2 billion. The company already owns approximately 2.3 million shares of NI, representing approximately 2 percent of shares outstanding.
“With this expansion into test and measurement, Emerson will enhance its automation capabilities and gain a broader set of customers that relies on NI’s solutions at critical points along the product development cycle,” says Lal Karsanbhai, president and chief executive officer of Emerson. “These capabilities provide Emerson industry diversification into attractive and growing discrete markets like semiconductor and electronics, transportation and electric vehicles, and aerospace and defense that are poised to benefit from secular growth trends.”
Goldman Sachs & Co. LLC and Centerview Partners LLC are serving as financial advisors to Emerson and Davis Polk & Wardwell LLP is serving as legal advisor. BofA Securities is serving as financial advisor to NI and Wachtell, Lipton, Rosen & Katz is serving as legal advisor.