Emerson Electric is working on deal with software company Aspen Tech – Bloomberg News

October 6 (Reuters) – Manufacturing giant Emerson Electric Co (EMR.N) is in talks to merge its software assets with industrial software company Aspen Technology Inc (AZPN.O)Bloomberg News reported on Wednesday, citing people with knowledge of the matter.

Emerson discusses deal to combine software assets with Aspen Tech to gain majority control of combined company, report says noted, adding that Aspen Tech would keep its own public list.

Emerson, which offers a suite of products ranging from automation software to air conditioning tools, and Aspen Tech did not immediately respond to Reuters’ request for comment.

Based on Wednesday’s closing price, Aspen had a market cap of $ 8.42 billion, while Emerson was worth $ 57.17 billion.

Aspen has long been seen as an attractive takeover target for large industrial companies looking to expand into software, Bloomberg News reported in May.

Aspen, based in Bedford, Mass., Has more than 2,300 customers worldwide, its website showed. It manufactures software for companies in the mining, chemical, manufacturing, pharmaceutical and other sectors.

The report on the deal comes more than a year after Emerson announced its $ 1.6 billion purchase of operating technology company Open Systems International.

Reporting by Niket Nishant and Sabahatjahan Contractor in Bangalore; Editing by Shinjini Ganguli

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