Oracle to buy utility software maker Opower

Reuters News
|
Posted: May 02, 2016 8:20 AM

(Reuters) - Oracle Corp <ORCL.N> will buy Opower Inc <OPWR.N>, a maker of software for utilities, for about $548 million in cash.

The offer of $10.30 per share is at a premium of 30.4 percent to Opower's close on Friday.

Oracle said on Monday the deal was worth about $532 million net of cash.

The equity value is based on Opower's 53.2 million shares outstanding as of Feb. 29.

(Reporting by Rishika Sadam in Bengaluru)