EnerNOC completes acquisition of World Energy
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Energy intelligence software provider EnerNOC of Boston has completed its acquisition of World Energy Solutions of Worcester for approximately $77 million in cash, the company announced today.
The deal had been announced in November, pending a better offer for World Energy by last week. But once the Dec. 30 deadline for a different suitor passed, it cleared the way to complete the buyout by EnerNOC.
"We're excited to finalize the acquisition …shift our focus to the integration of our product platforms and teams, and deliver additional value to our enterprise customers," Tim Healy, chairman and CEO of EnerNOC, said in a statement.
The acquisition amounts to $5.50 per share of World Energy stock, and the assumption of debt, which altogether totals $77 million, according to EnerNOC.
World Energy brokers electricity, natural gas and environmental commodities transactions. EnerNOC provides services that include energy analytics, energy efficiency programs, emissions tracking and energy procurement. The acquisition will allow for increased sales opportunities from a broader client base and deeper offerings, according to industry analysts.
Founded in 2001, World Energy employs more than 100, although a company spokesperson last week declined to comment on how the acquisition will impact operations in Worcester.
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