17-05-2022
Emerson and AspenTech complete transaction
Emerson 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. 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.
News Category:
-
Howden to supply tailored compression solution to refinery expansion mega project
Howden has signed a contract to supply hydrogen reciprocating compressors for Motor Spirits Block Unit for the Numaligarh Refinery Expansion Project in India. Numaligarh ...
28-06-2022
-
Maire Tecnimont Group awarded new FEED contracts
Maire Tecnimont S.p.A. announces that its subsidiaries Tecnimont and Stamicarbon have been awarded several new contracts and order variations for licensing, engineering ...
28-06-2022
-
Wood wins global master service agreement with Chevron
The agreement can be used by Chevron’s business units including those involved in onshore and offshore assets as well as during project development. Under the ...
28-06-2022
-
Hempel launches new fast-drying CUI coating
Leading coatings supplier Hempel today launched Hempaprime CUI 275, a new coating to combat corrosion under insulation. With extremely short overcoating intervals and ...
27-06-2022
-
Neste acquires European rights to Alterra Energy’s thermochemical liquefaction technology
Neste has purchased the European rights to Alterra Energy’s liquefaction technology, further solidifying the company’s efforts to advance chemical recycling. Alterra ...
27-06-2022
-
Neste invests in its world scale renewable products refinery in Rotterdam
Neste Corporation has made the final investment decision to invest into new renewable products production capacity in Rotterdam. The decision is based on demand for renewable ...
27-06-2022
-
TABADUL and Sadara ink MoU to develop logistic solutions for Petrochemical industry
Saudi Electronic Information Exchange Company signed a Memorandum of Understanding with Sadara Chemical Company on Monday May 23, 2022 at TABADUL’s headquarters in ...
27-06-2022
-
ExxonMobil, CNOOC and Shell to pursue carbon capture and storage hub in China
ExxonMobil, Shell, CNOOC, and Guangdong Provincial Development & Reform Commission have signed a Memorandum of Understanding to evaluate the potential for a world-scale ...
27-06-2022
-
Hempel launches Hempafire XTR 100 for hydrocarbon passive fire protection of downstream assets
After 10 years of continuous success in the passive fire protection (PFP) market with its cellulosic range of products, Hempel today launched its first product for the ...
23-06-2022
-
Pioneering hydrogen-powered furnace arrives for installation at Stanlow terminal
A new furnace capable of running on hydrogen and cutting CO2 emissions has arrived at the Port of Liverpool. The furnace, which is part of a multimillion-pound investment ...
23-06-2022