Enel Green to acquire US-based EnerNOC
Enel Green Power North America, Inc. (EGPNA), an Enel Group subsidiary, has signed an agreement, unanimously approved by the board of directors of US-based company EnerNOC, to purchase 100% of EnerNOC for a total consideration of approximately US$250 million.
EnerNOC is a US-based provider of demand response and energy services for utility, commercial, institutional and industrial customers.
Francesco Venturini, Head of Global e-Solutions at Enel, said:
"Enel's acquisition of EnerNOC, six months after our acquisition of Demand Energy Networks, reflects our strategic focus on the energy technology and services space. As we continue to lead the transformation of the energy sector, EnerNOC's technological expertise and positions in key markets will add further momentum to our efforts, while we leverage the existing global footprint of the Enel Group to open up new business opportunities, taking innovative services and solutions to the hundreds of millions of people we serve around the world."
Under the agreement with EnerNOC, EGPNA will launch a tender offer to EnerNOC’s shareholders for 100% of its shares at a price of 7.67 US dollars per share in cash, representing an approximate 42% premium to the company’s closing stock price on June 21st, 2017 and a 38% premium to the 30-day volume-weighted average price. The transaction is expected to be closed by the third quarter of 2017 following purchase of all EnerNOC shares by EGPNA and consequent delisting of the company as well as completion of all required regulatory approvals.
The Enel Group operates in over 30 countries across five continents, producing energy through a managed capacity of approximately 85 GW.
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