Emerson Electric is in advanced talks to acquire National Instruments in a deal that could value the measurement equipment maker at about $8 billion, Reuters news report said.
Fortive and Keysight Technologies have made an offer of about $60 per share for National Instruments.
The deal could be announced as soon as this week.
National Instruments launched a formal sale process in January after Emerson threatened to challenge its board if it did not engage in deal negotiations. Emerson dropped its hostile bid once the auction for National Instruments got underway.
Austin, Texas-based National Instruments specializes in the production of automated testing and measurement tools for the semiconductor, transportation, aerospace and defense industries.
Emerson has been involved in a string of deals to reshape itself into a provider of industrial automation products and services. Last year, Emerson sold majority stake in its climate technologies business unit to Blackstone in a deal that valued the business at $14 billion.