Emerson Electric Co., St. Louis, said it would acquire Artesyn Technologies Inc. for $11 per share in cash, or approximately $500 million net of acquired cash.
Artesyn, Boca Raton, Fla., generated $420 million in sales for 2005. The company, which has about 39.87 million shares outstanding, provides power conversion equipment as well as hardware and software subsystems for a range of communication applications for original equipment manufacturers.
Emerson said Artesyn will become part of the Emerson Network Power division.
The deal is subject to approval by regulatory agencies and Artesyn shareholders.