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Utility Holding Company, Parent of Retail Supplier To Acquire EnerNOC
EnerNOC, Inc. has entered into an agreement to be acquired by the Enel Group, a multinational power utility and integrated electricity and gas operator with operations 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.
In various international liberalized energy markets, Enel operates competitive retail energy suppliers
Under the terms of the agreement, the Enel Group, through its subsidiary Enel Green Power North America, Inc. ("EGPNA"), will purchase EnerNOC for $7.67 per share in an all-cash transaction valuing EnerNOC 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 EnerNOC'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.
The transaction has been unanimously approved by the Board of Directors of EnerNOC. The closing of the transaction is subject to the satisfaction of customary conditions and is expected to close in the third quarter of 2017.
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June 23, 2017
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Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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