Emerson Electric to buy NI Corp for $8.2 billion

(Reuters) – U.S. industrial and software firm Emerson Electric Co on Wednesday said it would buy measurement equipment maker NI Corp for $60 per share in cash, giving the deal an equity value of $8.2 billion.

The deal represents a premium of 14.11% to Nationals last close on Tuesday.

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.

Reuters reported on Tuesday that Emerson was in advanced talks to acquire NI, which serves the semiconductor, transportation, aerospace and defense industries.

Last month, NI decided that Fortive Corp and Keysight Technologies Inc have the potential to top Emersons prior $7 billion bid, Reuters had reported, citing three people familiar with the matter.

(Reporting by Nathan Gomes in Bengaluru; Editing by Savio DSouza)