Emerson Electric says it has agreed to buy Avocent for about $1.2 billion in cash, a move the company says will offer customers better technology and services for managing data centers.
The manufacturing and technology services company said Tuesday it would pay $25 per share for Avocent, a 22 percent premium over Monday's closing price.
Huntsville, Ala.-based Avocent makes network equipment and software and had sales of about $657 million last year.
St. Louis-based Emerson expects the deal to close around Jan. 1.
© 2017 Newsmax. All rights reserved.