NYSE-listed Emerson has notified that it’s wholly owned subsidiary Aegir Norge Holding AS has reached an agreement with Roxar ASA to launch a voluntary offer for 100 percent of Roxar's shares.

Under the arrangement, Emerson will offer NOK 5.20 (approximately $ 0.735) per share in cash, which represents approximately NOK 1,266 million (approximately $ 179 million), for the total share capital of Roxar.

Upon successful completion of the acquisition, Emerson expects to redeem approximately NOK 1.5 billion (approximately $212 million) of Roxar debt.

Roxar is a leading global supplier of measurement technologies and software solutions for upstream oil and gas and other process industries. The company, which is based in Stavanger, Norway, had revenues of NOK 1,365 million (approximately $193 million) in 2008 (unaudited Q4 financials).

Upon successful completion of the acquisition, Roxar will become a part of Emerson Process Management.