Emerson Electric’s (NYSE:EMR) stock rose 4.9% to $115.15 a share in premarket trading on Tuesday after the maker of electrical equipment and automation technology said it offered to acquire the remaining shares of AspenTech (AZPN) and its quarterly profit beat Wall Street estimates.

The company proposed to buy AspenTech’s (AZPN) shares for $240 a share, a 35% premium to the industrial software company’s share price of $177.84, implying an enterprise value of $15.1 billion.

Emerson (EMR) is among the industrial conglomerates that have sought to remake themselves with higher-margin businesses such as factory automation while dispensing with less profitable parts of their portfolios.

“The combination of Emerson and AspenTech would advance key initiatives, create new opportunities through full integration as a single company and further accelerate Emerson's industrial software strategy with benefits,” Emerson (EMR) said in a news release.

Separately, Emerson (EMR) reported earnings adjusted for one-time items of $1.48 a share, in line with the average estimate of $1.47 a share among Wall Street analysts. Revenue rose 13% from a year earlier for the company’s fiscal fourth quarter ended September 30.