M&A · Tech · Services-Prepackaged Software
Emerson Electric Co to acquire National Instruments Corp
Announced Apr 12, 2023 · Closed Oct 11, 2023
Deal value$8.20BEV $8.60B
Premium49.0%To unaffected price
EV / Adj. EBITDA25.1x5.2x EV / Revenue
ConsiderationAll cash$60.00 per share
Transaction
- Acquirer
- Emerson Electric Co (EMR)
- Target
- National Instruments Corp
- Buyer type
- Strategic
- Offer price per share
- $60.00
- Enterprise value
- $8.60B
- Status
- Closed Oct 11, 2023
Deal protections
- Break fee (target pays)
- $310M · 3.8%
- Reverse fee (buyer pays)
- $310M · 3.8%
- Go-shop
- No-shop
- Financing
- Committed · Goldman Sachs, BofA Securities
Advisors
- To the acquirer
- Not disclosed
- To the target
- BofA Securities
- BofA Securities fee
- $51.0M
Sector context · Tech
- Comparable deals
- 62 in the prior 24 months
- Premium
- 49.0% vs. 39.0% sector median
- EV / Adj. EBITDA
- 25.1x vs. 17.4x sector median
- Break fee
- 3.8% vs. 3.0% sector median
Timeline
- AnnouncedApr 12, 2023
- Proxy filedMay 11, 2023
- Definitive proxyMay 25, 2023
- Shareholder voteJun 29, 2023
- ClosedOct 11, 2023
Valuation · fairness opinions
Trading comparables$38.50$43.75
Trading comparables$53.00$71.00
Trading comparables$38.50$41.50
Trading comparables$57.75$66.00
Trading comparables$42.25$65.75
Offer $60.00
Implied value per National Instruments Corp share by analysis, from BofA Securities · DCF discount rate 8.75%–10.75%.