Demand-side response (DSR) aggregator Enernoc is to be acquired by Italian utility Enel in a deal that values the company at around $300m (£236m).
The utility’s North American subsidiary Enel Green Power North America will buy the firm at $7.67 per share in an all-cash transaction.
“After a comprehensive review of strategic options, during which we evaluated a wide range of paths to maximise shareholder value, we are excited to enter into this agreement with the Enel Group. The transaction provides our stockholders with significant and immediate cash value, and unites us with one of the most innovative, global energy companies that shares our vision to change the way the world uses energy,”said Tim Healy, chairman and CEO of Enernoc.
“In combining forces with the Enel Group, we look forward to accelerating the growth of our core businesses and to delivering ever more value to our customers as we lead the transition to a more sustainable, distributed energy future.”
The deal is expected to complete in the third quarter and comes as market participants predict significant consolidation within the aggregator sector.
Meanwhile Enel has bought into enhanced frequency response provision by acquiring the 25MW Tynemouth energy storage project.
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