By Lisa Kerner
Charlotte, N.C., Oct. 6 - Emerson Electric Co. agreed to acquire Avocent Corp. for $25 per share in an all-cash deal valued at approximately $1.2 billion, it was announced on Tuesday.
Avocent's board of directors approved the deal, which is expected to close on or around Jan. 1, according to a joint news release from the companies.
"Combining Avocent's technologies, relationships and installed base with Emerson's power and cooling presence allows us to offer a more compelling solution to our data center customers' most pressing challenge - energy efficiency," Emerson chairman, chief executive officer and president David N. Farr said in the release.
Emerson, based in St. Louis, provides network power, process management, industrial automation, and climate technologies solutions.
Avocent designs, manufactures, licenses and sells software and hardware products and technologies that provide connectivity and centralized management of IT. The company is located in Huntsville, Ala.
| Acquirer: | Emerson Electric Co.
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| Target: | Avocent Corp.
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| Announcement date: | Oct. 6
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| Price per share: | $25.00
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| Expected closing: | On or before Jan. 1, 2010
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| Stock price for target: | Nasdaq: AVCT: $20.52 on Oct. 5
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