Agrees to be acquired by Oracle for $10.30/shr in cash; total deal valued at $532M
Oracle has entered into a definitive agreement to acquire Opower 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 transaction is expected to close in 2016, subject to Opower's stockholders tendering a majority of Opower's outstanding shares and derivative securities exercised prior to the closing of the tender offer, certain regulatory approvals and other customary closing conditions.
Opower's solutions enable over 100 global utilities, such as PG&E, Exelon and National Grid, to deliver a modern digital customer experience. Opower's 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