Emerson Electric gains U.S. antitrust approval of Avocent buyout

By Cristal Cody

Tupelo, Miss., Oct. 26 - Emerson Electric Co. received U.S. antitrust approval for its $1.2 billion acquisition of Avocent Corp., the Federal Trade Commission said on Monday.

Emerson Electric, a St. Louis-based maker of network power, process management, industrial automation and climate technologies solutions, said earlier this month it will pay $25 a share in cash for the Huntsville, Ala.-based provider of electronic remote control data server switches.

The FTC said in a release on Monday that the deal received early termination of the antitrust waiting period.

The acquisition also is expected to require foreign regulatory approvals because nearly half of Avocent's 2008 revenues originated outside the United States.

The companies expect the deal to close by Jan. 1.

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