Energy intelligence software and service provider EnerNOC will be acquired by the Enel Group, a multinational power utility operator, for $7.67 per share, valuing EnerNOC at more than $300 million.
EnerNOC board of directors unanimously approved the transaction, which is slated to be finalized by the third quarter of 2017
“After a comprehensive review of strategic options, during which we evaluated a wide range of paths to maximize shareholder value, we are excited to enter into this agreement with the Enel Group,” said Tim Healy, Chairman and CEO of EnerNOC.
“The transaction provides our stockholders with significant and immediate cash value, and unites us with one of the most innovative, global energy companies that shares our vision to change the way the world uses energy. In combining forces with the Enel Group, we look forward to accelerating the growth of our core businesses and to delivering ever more value to our customers as we lead the transition to a more sustainable, distributed energy future.”
The past few years has seen several companies contract with EnerNOC for their energy software products. In June 2016, Canadian food retailer Longo Brothers Fruit Markets contracted with EnerNOC to prioritize investments in energy projects, among other things.
Also in 2016, the London Underground committed to using EnerNOC’s demand response technology in an effort to lower overall energy demand on the national grid.
And global power management firm Eaton last year announced it will use EnerNOC’s energy intelligence software across 100 of its top facilities over the next several years.