EnerNOC enters into agreement to be acquired by Enel Group for $7.67 per share
EnerNOC (ENOC) announced that it has entered into an agreement to be acquired by the Enel Group, a multinational power utility and leading integrated electricity and gas operator present in over 30 countries across five continents with a managed capacity of approximately 85 GW and more than 65 million business and household customers worldwide.
Under the terms of the agreement, the Enel Group, through its subsidiary Enel Green Power North America, or EGPNA, will purchase EnerNOC for $7.67 per share in an all-cash transaction valuing the company at over $300M, including EnerNOC’s net debt.
EGPNA will commence a tender offer to acquire all of EnerNOC’s shares of common stock for $7.67 per share, representing an approximate 42% premium to the Company’s closing stock price on June 21, 2017 and a 38% premium to the 30-day volume-weighted average price.
EGPNA’s obligation to purchase the shares of EnerNOC’s common stock tendered in the tender offer is subject to certain conditions, including that holders of a majority of the shares are tendered during the tender offer period and receipt of antitrust clearance in the United States.
Following completion of the tender offer, the remaining shares will be acquired in a second step merger at the same cash price per share as paid in the tender offer.
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