Uber has been ordered to pay a 300,000 euro ($336,600) penalty, adding to the challenge of a court-ordered partial shutdown imposed on its...

Stock Market

Uber Must Pay $336,600 Penalty on Top of Brussels Near-Shutdown

The Department of Energy (DOE) said, that the United States has launched an auction for 32 million barrels of crude from four strategic...


U.S. to Sell 32 million Barrels of Crude Oil from 4 SPR Sites

The energy ministry said the United Arab Emirates will show complete commitment and cooperation with the OPEC+ agreement.


UAE Will Offer Complete Support to OPEC+ Decisions

Asian shares fell lower as the dollar went up on Thursday. Investors are looking towards hike rate policies...

Stock Market

Asian Shares Decline as Dollar Goes Higher

The Turkish Lira began on its recovery after reaching record lows caused by the President’s interest rate cuts.

Stock Market

Turkish Lira Finally Rebounds After Months of Lows


12 Oct 2021

Emerson and AspenTech Merger Deal for Industrial Software

Emerson and AspenTech Merger Deal for Industrial Software

The Index Today

Emerson Electric Co. has announced plans for an $11 billion merger deal to boost its market shared in industrial technology. The firm will be merging two of its businesses dealing in software with Aspen Technology Inc.

Officials from both companies stated AspenTech share value of $160 per piece would mean shareholders will receive $87 and 0.42 as the combined value. The cash-and-stock transaction is expected to be announced on Monday.

With the new combined offerings, the firm can allocate resources in building and designing new industrial systems, analyzing and repairing, and more. Many companies have started investing in developing software to boost production and industrial efficiency, pointing towards new routes which has prompted Emerson to take initiative.

AspenTech is a renowned firm located in Bedford Massachusetts specializes in developing high-tech software for businesses in chemicals, energy, engineering, mining and maintenance. Under the new deal, Emerson’s two units, OSI Inc and Geological Simulation Software will merge, both make up around $300 million out of the $12 billion revenue coming from the automation segment.

Emerson will contribute $6 billion as cash in the merger deal and will have 55% of ownership of the company. The new company formed will still have AspenTech’s name and will continue under the leadership of the current chief executive, Antonio Pietri.