Inking a deal

Enel Group to Acquire EnerNOC

Boston-based EnerNOC has entered into an agreement to be acquired by The Enel Group, a global electricity and gas operator serving 65 million end users in 31 countries. 

Rome, Italy-based Enel, which currently has approximately 62,000 employees, already had a strong presence in the United States, including its Andover, Massachusetts, subsidiary, Enel Green Power.

As reported by the Boston Globe last week, Enel will pay EnerNOC stockholders $7.67 a share. The Globe added that news of the sale was greeted with enthusiasm at EnerNOC headquarters on the South Boston Waterfront, Chief Executive Tim Healy said. Enel, he said, has the global scale to accomplish EnerNOC’s bold mission of changing the way people use energy.

“Our employees erupted in applause and cheers when we announced this today,” Healy said. “We dream about changing the world. These guys are being recognized as having the potential to do it.”

Healy said he doesn’t foresee any big changes in EnerNOC’s 1000-person workforce as a result of Enel’s acquisition, adding that he expects to stick with Enel, and that EnerNOC would be run as a stand-alone business that would also provide for the core of the larger company’s emerging energy software operations.

It was unclear whether the EnerNOC name would still be used after the deal closes by Sept. 30.

“We’re expecting to bolster our opportunities,” said Healy. “We get to expand some of the things we’ve wanted to expand for some time.” ♦

 

 

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