EnerNOC Agrees To Be Acquired By Enel Group For $7.67/shr

(RTTNews) - EnerNOC Inc. (ENOC) said that it has entered into an agreement to be acquired by the Enel Group for $7.67 per share in an all-cash transaction valuing the Company at over $300 million, including EnerNOC's net debt.

Enel Group's subsidiary Enel Green Power North America, Inc. or "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.

This 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.