Emerson $8.2 billion acquisition of National Instruments
We are advising Emerson on the transaction
Davis Polk is advising Emerson on its $8.2 billion acquisition of National Instruments. Under the terms of the agreement, NI shareholders will receive $60 per share in cash, which represents a 49% premium to NI’s closing share price as of January 12, 2023, the day prior to NI’s public announcement of a strategic review. The transaction is expected to close in the first half of Emerson’s fiscal 2024, subject to the completion of customary closing conditions, including regulatory approvals and approval by NI shareholders.
Emerson is a global technology and software company providing innovative solutions for the world’s essential industries. Through its leading automation portfolio, including its majority stake in AspenTech, Emerson helps hybrid, process and discrete manufacturers optimize operations, protect personnel, reduce emissions and achieve their sustainability goals.
NI provides software-connected automated test and measurement systems that enable enterprises to bring products to market faster and at a lower cost. With a focus on growing end segments including electric and autonomous vehicles, wireless communications and new space technology, NI’s solutions help customers solve current and future test challenges, and improve speed, and efficiency in their product development cycles.
The Davis Polk corporate team includes partners Phillip R. Mills and Cheryl Chan and associates Daisy Wu and Natasha D. Shah. Partner Michael Mollerus is providing tax advice. Partner Meyer C. Dworkin is providing finance advice. Partner Frank J. Azzopardi is providing intellectual property advice. Partner Travis Triano is providing executive compensation advice. Partner Ronan P. Harty is providing antitrust and competition advice. Partner Andrew Ditchfield is providing litigation advice. All members of the Davis Polk team are based in the New York office.