Oracle Agrees To Buy Opower For About $532 Mln - Quick Facts

(RTTNews) - Business software giant Oracle Corp. (ORCL) announced Monday that it has entered into a definitive agreement to acquire Opower Inc. (OPWR), a provider of customer engagement and energy efficiency cloud services to utilities, for $10.30 per share in cash. The transaction is valued at approximately $532 million, net of Opower's cash.

The Board of Directors of Opower has unanimously approved the transaction.

The acquisition is expected to close in 2016, subject to Opower's stockholders tendering majority of shares, certain regulatory approvals and other customary closing conditions.

Opower's solutions enable over 100 global utilities. Its big data platform stores and analyzes over 600 billion meter reads from 60 million utility end customers, enabling utilities to proactively meet regulatory requirements, decrease the cost to serve, and improve customer satisfaction.

Oracle noted that as a combined company, it would be the largest provider of mission-critical cloud services to the $2.3 trillion utilities industry.

Dan Yates, Chief Executive Officer and Co-Founder, Opower, said, "The combination will provide the industry with the most modern, complete cloud applications for the entire utility value chain, from meter to grid to end-customers."