ORCL, OPWR: Oracle Corporation Buys Opower Inc in $532 Million Deal

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Oracle Corporation  ( ORCL ) has announced that it's buying  Opower Inc ( OPWR ) in a deal worth $532 million.

Oracle, Opower Oracle is paying  $10.30 per share  for OPWR and will be using cash to fund the deal. It will allow the company to provide utility data from 600 billion meter reads via the cloud and will likely help reduce costs to utilities.

ORCL's $10.30 per share offer for Opower represents a roughly 30% premium over the stocks closing price on Friday, reports Reuters .

Oracle said that the deal has been approved by Opower's Board of Directors and that it should get regulatory and shareholder approval. It expects the process to be completed during this year.

ORCL shares were up slightly and OPWR shares were up 30% as of Noon Monday.

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This article appears in: Investing , Stocks
Referenced Symbols: ORCL ,

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