EnerNOC to be acquired for $300M
Boston-based energy management company EnerNOC announced Thursday that it is being acquired by an Italian energy company.
EnerNOC, which has 24 employees in Central Massachusetts, is being acquired by Enel Group for over $300 million, through its North American subsidiary. EnerNOC shareholders will be paid $7.67 per share, which represents an approximate 42 percent premium to its closing stock price on June 21, 2017 and a 38 percent premium to the 30-day volume weighted average price.
Following the announcement, shares of EnerNOC shot up to $7.65 at 10 a.m. Thursday, after closing at $5.40 the night before. As of 11 a.m. Friday, shares were still trading at $7.65.
Last year, EnerNOC announced plans to cut its global workforce by 15 percent as part of a re-focusing on more targeted industry segments. At the time, the company said Worcester employees would be largely spared.
EnerNOC spokesperson Sarah McAuley said Friday that Enel intents to keep EnerNOC employees in their current roles.
The transaction, unanimously approved by EnerNOC’s board of directors, is expected to close in the third quarter.
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