(Bloomberg) -- Emerson Electric Co. agreed to buy the rest of Aspen Technology that it doesn’t already own in a deal that values the industrial-software company at a fully diluted market value of $17 billion.

Emerson is paying $265 per share in cash for the 43% stake, valuing it at $7.2 billion, according to a statement Monday. That’s up from the $240 per share it offered in November. 

The St. Louis-based firm already owns 57% of company after taking a majority stake in 2022 as part of an effort to accelerate its software strategy.

AspenTech rose 3.3% to $263.59 at 12:19 p.m. in New York trading Monday, giving the Bedford, Massachusetts-based company a market value of about $17.3 billion. Emerson fell 1.6% to $128.52, for a market value of $73 billion. 

AspenTech offers software and artificial intelligence that optimizes asset design, operations and maintenance in industrial environments, according to its website. 

Emerson designs and manufactures electronic and electrical equipment, software and services. It has been seeking to transform itself in recent years to become a leader in automation-focused industrial technology. 

The deal is expected to close in the first half of 2025. Emerson plans to finance the purchase with cash on hand and debt, according to the statement. 

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