Danaher announced it is buying Tektronix for $38 a share, or approximately $2.8 billion, including debt, transaction costs and net of cash acquired. Tek shares closed trading Friday at $28.34, but on the news shot up to just below the offer price.

The transaction is expected to be completed in the fourth quarter of 2007.

Tektronix is one of the granddaddies in test and measurement (T&M), and in recent years, has branched out into network and video testing and monitoring. It joins a long-ago rival, Fluke, in the Danaher fold.

Tektronix would become part of Danaher’s Electronic Test platform.

Danaher’s President and CEO, H. Lawrence Culp Jr., said, “Through the application of the Danaher Business System we believe we can continue to deliver strong results in our established businesses and look at attractive adjacent markets for future growth opportunities. We are very pleased to welcome Tektronix’s management team and associates to Danaher.”