Emerson and AspenTech Complete Transaction, Creating New AspenTech
May 16 2022 - 4:05PM
Business Wire
Emerson (NYSE: EMR) and AspenTech today announced the successful
closing of the combination of Emerson’s industrial software
businesses – OSI Inc. and its Geological Simulation Software
business – with AspenTech to create a global industrial software
leader (“new AspenTech”). With the close of the transaction,
Emerson owns 55% of new AspenTech on a fully diluted basis and
AspenTech shareholders own the remaining 45%. Shares of new
AspenTech will begin trading on NASDAQ under the ticker symbol
“AZPN” (previously AspenTech’s ticker symbol) starting May 17,
2022.
“I am excited to announce the close of our transaction with
AspenTech, which accelerates Emerson’s software strategy and
creates an enhanced, high-performance, leading industrial software
company with immediate scale and relevancy in a fast-paced,
evolving market,” said Lal Karsanbhai, President and Chief
Executive Officer of Emerson. “Today marks a significant milestone
for Emerson and is a testament to our commitment to continue
building a higher growth, more diversified portfolio. Together with
new AspenTech, we expect to realize significant revenue and cost
synergies, while having the platform and flexibility to
strategically deploy capital for growth through continued
investment and M&A.”
“We have now begun a new era at AspenTech, expanding our global
leadership in industrial software by providing capabilities that
support the entire lifecycle of complex operations across a wide
range of industry verticals,” said Antonio Pietri, President and
Chief Executive Officer of new AspenTech. “With a comprehensive
software portfolio, an expanded global sales channel and an even
stronger balance sheet reinforced by Emerson, new AspenTech will be
uniquely positioned to help our customers address the dual
challenge of meeting the increasing global demand for resources in
a sustainable manner. As we move forward, I am confident that new
AspenTech is poised for significant growth and continued success as
we deliver value for our customers, employees and
shareholders.”
Goldman Sachs & Co. LLC and Centerview Partners LLC served
as financial advisors to Emerson, and Davis Polk & Wardwell LLP
served as legal counsel. J.P. Morgan Securities LLC served as
financial advisor to AspenTech, and Skadden, Arps, Slate, Meagher
& Flom LLP served as legal counsel.
About Emerson
Emerson (NYSE: EMR), headquartered in St. Louis, Missouri (USA),
is a global technology and engineering company providing innovative
solutions for customers in industrial, commercial and residential
markets. Our Automation Solutions business helps process, hybrid
and discrete manufacturers maximize production, protect personnel
and the environment while optimizing their energy and operating
costs. Our Commercial and Residential Solutions business helps
ensure human comfort and health, protect food quality and safety,
advance energy efficiency and create sustainable infrastructure.
For more information visit Emerson.com.
About Aspen Technology
Aspen Technology, Inc. (NASDAQ: AZPN) is a global software
leader helping industries at the forefront of the world’s dual
challenge meet the increasing demand for resources from a rapidly
growing population in a profitable and sustainable manner.
AspenTech solutions address complex environments where it is
critical to optimize the asset design, operation and maintenance
lifecycle. Through our unique combination of deep domain expertise
and innovation, customers in capital-intensive industries can run
their assets safer, greener, longer and faster to improve their
operational excellence. To learn more, visit AspenTech.com.
Forward-Looking and Cautionary Statements
Statements in this press release that are not strictly
historical may be “forward-looking” statements, which involve risks
and uncertainties, and Emerson undertakes no obligation to update
any such statements to reflect later developments. These risks and
uncertainties include the scope, duration and ultimate impacts of
the COVID-19 pandemic and the Russia-Ukraine conflict, as well as
economic and currency conditions, market demand, including related
to the pandemic and oil and gas price declines and volatility,
pricing, protection of intellectual property, cybersecurity,
tariffs, competitive and technological factors, inflation, among
others, as set forth in the Company's most recent Annual Report on
Form 10-K and subsequent reports filed with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20220513005475/en/
Investor contact: Colleen Mettler 314-553-2197 Media contact:
Charlotte Boyd 952-994-8607
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