U.S. industrial and software firm Emerson Electric has offered to buy automated testing equipment maker NI Corp (formerly known as National Instruments) in a deal with an enterprise value of $7.6 billion.

The software firm’s all-cash bid of $53 per share represents a premium of about 13 percent to NI’s close on Friday.

Emerson has been involved in a string of deals over the last few years to pivot itself as a provider of automation products and services and the offer to buy NI is a fresh bet in that direction.

Texas-based NI specializes in making automated testing and measurement tools to aid in research and validation of new technologies. It serves semiconductor, transportation, aerospace and defense industries.

The equity value of the offer is $6.92 billion, excluding debt. Emerson said the offer was not subject to any financing conditions.

Citi Research wrote in a note on Sunday NI could be a good strategic fit for Emerson, given it has indicated test and measurement markets as an area of focus.

Emerson said NI has not engaged meaningfully since its bid of $53 per share was made privately in November. Emerson’s first outreach to NI was in May 2022 when it offered $48 per share.

NI said on Friday it was exploring strategic options after acquisition interest from companies.