ST. LOUIS (AP) — Emerson Electric Co. said Tuesday it has agreed to buy Avocent Corp. for about $1.2 billion in cash, a move the company says will offer customers better management of their data centers.
The manufacturing and technology services company said it will offer $25 per share for Avocent, a 22 percent premium over Monday's closing price.
Huntsville, Ala.-based Avocent makes network equipment and software and had sales of about $657 million last year.
St. Louis-based Emerson expects the deal to close around Jan. 1.
Avocent shares jumped $4.28, or 21 percent, to $24.80 in premarket trading.