Global engineering and automation giant Emerson has agreed to complete its takeover of industrial software solutions provider AspenTech.

U.S. industrial company Emerson Electric agreed to pay $7.2 billion to buy the remaining shares in software supplier AspenTech that it does not already own, the companies said on Monday. The takeout deal strengthens Emerson's transformation from its 1890 origins as a motor and fan manufacturer in St.

The move comes as the company looks to transform from an old-school industrial company to a technology-forward firm focused on automation.