EnerNOC (ENOC) to be acquired by Enel Group for $300M

Boston-based energy software firm EnerNOC Inc. has agreed to be acquired by an American subsidiary of the Enel Group, an Italian holding company that operates electricity and gas utilities worldwide, the companies announced Thursday.

    

The Enel Group will pay $300 million for EnerNOC (Nasdaq: ENOC) at $7.67 per share, approximately 42 percent more than EnerNOC's share price at the close of the market on Wednesday. The deal by Enel Green Power North America Inc. is expected to close in the third quarter of 2017.

After financial challenges caused its stock price to tumble in 2015, EnerNOC has been undertaking restructuring efforts that have included multiple rounds of layoffs. EnerNOC has 1,077 employees at the end of 2016, down from 1,366 a year earlier, according to regulatory filings.

The reorganization was aimed at shifting EnerNOC's focus away from selling software to utilities operators like the Enel Group and instead doubling down on selling energy-control software to enterprise customers.