- NI (formerly National Instruments) announced that at NI’s special meeting of shareholders, the Texas company’s stockholders voted to adopt the agreement and plan of merger, under which NI will be acquired by Emerson.
As announced in April 2023, under the terms of the merger agreement, NI stockholders will receive $60 per share in cash for every share of NI common stock they own immediately prior to the effective time of the merger. This values the transaction at $8.2 billion.
“Today’s vote by our stockholders validates our belief that this transaction represents the best outcome for all NI stakeholders,” said Eric Starkloff, NI’s Chief Executive Officer. “We thank our stockholders for their support and look forward to accelerating our position as a leading provider of software-connected automated test and measurement systems in this next chapter as part of Emerson.”
National Instruments was founded in 1976 and renamed NI in 2020. The Texas-based company is a specialist in modular instrumentation and software for automatic testing in the electronics field. It has around 7,000 employees worldwide and recorded sales of $1.66 billion in 2022. The Emerson Group specializes in industrial process control and automation. Employing some 90,000 people worldwide, it achieved sales of $20 billion in 2022.
The proposed transaction is expected to close in the first half of Emerson’s fiscal year 2024, subject to the completion of customary closing conditions.