Enel completes acquisition of energy management company EnerNOC

Dive Brief:

Enel Green Power North America has completed its acquisition of EnerNOC for approximately $250 million, following a completed tender offer and fulfillment of other closing conditions. The transaction was announced less than two months ago, and values the company at $7.67/share.
With the deal, Enel Group gains EnerNOC's more than 8,000 customers, 14,000 managed sites and 6 GW of demand response capacity.
Enel has indicated that EnerNOC's latest feature additions to its procurement platform can help businesses better manage costs and will allow the Italian energy company to expand its reach.

Dive Insight:

Enel Green Power North America's acquisition of EnerNOC gives the Italian company more capacity and access to business customers in the United States, along with thousands of new customers.

Company officials called the deal "a milestone for Enel," with EnerNOC's new e-Solutions business bringing new functionality,

Francesco Venturini, head of global e-solutions at Enel, said in a statement that closing the deal allows the company to "strengthen our position to leverage the technology and digital transformation that is taking place within the energy sector and open the door for the creation of new, innovative business opportunities."

More than 22 million shares were tendered to complete the deal, representing more than 71% of EnernNOC outstanding shares. The sale price represented a 42% premium to the company's closing stock price on June 21st, and a 38% premium to the 30-day volume-weighted average price.

Following its acceptance of the tendered shares, EGPNA completed the transaction by acquiring 100% ownership interest in the company. EnerNOC shares will be delisted.

EGPNA is headquartered in Andover, Mass., and manages a portfolio of over 100 renewable energy power plants for a total capacity exceeding 3.3 GW — with another 900 MW now under construction. EnerNOC is not the company's first purchase of 2017: Earlier this year, Enel Group bought 100% of Demand Energy Networks, a U.S.-based company focused on intelligent software and energy storage systems.