M&A · Tech · Services-Computer Programming Services
Emerson Electric Co to acquire Aspen Technology, Inc.
Announced Jan 27, 2025 · Closed Mar 12, 2025
Deal value$7.20BEV $7.20B
Premium—To unaffected price
EV / Adj. EBITDA16.7x6.6x EV / Revenue
ConsiderationAll cash$265.00 per share
Transaction
- Acquirer
- Emerson Electric Co (EMR)
- Target
- Aspen Technology, Inc.
- Buyer type
- Strategic
- Offer price per share
- $265.00
- Enterprise value
- $7.20B
- Status
- Closed Mar 12, 2025
Deal protections
- Break fee (target pays)
- $221M · 3.1%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Goldman Sachs, Centerview
- To the target
- Qatalyst, Citigroup
Sector context · Tech
- Comparable deals
- 61 in the prior 24 months
- Premium
- Sector median 36.0%
- EV / Adj. EBITDA
- 16.7x vs. 16.5x sector median
- Break fee
- 3.1% vs. 3.2% sector median
Timeline
- AnnouncedJan 27, 2025
- Tender offerFeb 10, 2025
- ClosedMar 12, 2025
Valuation · fairness opinions
Discounted cash flowQatalyst$200.02$305.22
Discounted cash flowQatalyst$155.51$238.66
Discounted cash flowQatalyst$170.01$260.90
Discounted cash flowQatalyst$147.93$282.13
Discounted cash flowQatalyst$224.15$302.90
Trading comparablesCitigroup$179.00$239.00
Precedent transactionsCitigroup$223.00$298.00
Discounted cash flowCitigroup$153.00$271.00
Offer $265.00
Implied value per Aspen Technology, Inc. share by analysis, from Qatalyst and Citigroup.