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June 18, 2012
07:17 EDTENOC, ELON, ELT, PWRQuanta, Echelon, EnerNOC potential takeout candidates, says Piper Jaffray
After Elster (ELT) confirmed it is in talks with Melrose to be bought for $20.50 per share, Piper Jaffray says Quanta Services (PWR), Echelon (ELON) and EnerNOC (ENOC) are potential future takeout candidates in the smart grid space. Piper notes Melrose's bid for Elster is below recent smart grid takeout multiples, but in-line with its $21 price target for Elster. The firm reiterates an Overweight rating on shares of Elster.
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August 22, 2014
05:18 EDTELONEchelon to sell Grid operations to S&T AG
Echelon announced that it has signed a definitive agreement to sell its Grid operations to S&T AG, a publicly traded European IT systems provider with an existing focus on smart energy products and services. The companies expect the deal to close by the end of the year. Under the terms of the agreement, Echelon will receive approximately $5M in upfront consideration, dependent in part on the value of net assets at closing. After fees, expenses, and restructuring charges are considered the company expects the net benefit to be nominal. Echelon will also become a supplier of its industry-leading narrowband high-reliability power line communications chips to S&T for use in their smart meters and related products. Echelon will receive future benefits in the form of revenue from the purchase of these products, as well as rental income, and potential performance-based consideration of up to $1M. As part of the transaction approximately 60 current Echelon employees are expected to join S&T. The acquisition is anticipated to be accomplished via a subsidiary established by S&T.
August 21, 2014
06:09 EDTPWRQuanta Services selected for Chino Hills segment of Tehachapi project
Quanta Services announced that PAR Electrical Contractors, or PAR, a Quanta Services company, was selected by Southern California Edison for the 500-kilovolt underground project for the Chino Hills segment of the Tehachapi Renewable Transmission Project. PAR's scope of work under the contract is the civil package, which includes all infrastructure installation, road borings, manholes, steel risers and right of way restoration. Quanta expects construction of the project to begin this quarter and anticipates completing the project during 1Q15.
August 19, 2014
08:36 EDTENOCEnerNOC announces investment in WeSpire
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08:01 EDTELONEchelon announces Lumewave acquisition
Echelon announced that it has acquired Lumewave. Echelon will sell the Lumewave products, which include individual lighting controllers, gateways, and management and maintenance software, and will incorporate Lumewave’s established sales channels in North America into its existing channels worldwide. Terms of the transaction were not disclosed.
August 14, 2014
08:37 EDTENOCEnerNOC signs contract with BKW
EnerNOC announced that it has entered into an EnerNOC Demand Manager contract with BKW Energy through 2019. BKW will deploy EnerNOC's software and services to deliver demand response to BKW's customers throughout Switzerland.
August 11, 2014
16:31 EDTENOCEnerNOC announces $50M stock buyback program
EnerNOC announced that its board has authorized the repurchase of up to $50M of the company's common stock over the next twelve months. The company expects to use approximately $30M of the net proceeds of its recently announced convertible senior notes offering to repurchase shares of its common stock from purchasers of the notes in privately negotiated transactions effected through Morgan Stanley & Co. LLC, one of the initial purchasers in the notes offering, as the company's agent concurrently with the closing of the offering of the notes. The company expects the purchase price per share of its common stock repurchased in these transactions to equal the closing price per share of the company's common stock on the date of the pricing of the offering. Additional purchases of common stock will be executed periodically on the open market as market and business conditions warrant.
16:16 EDTENOCEnerNOC files to sell $130M of convertible senior notes due 2019
Morgan Stanley & Co. LLC is acting as sole book-running manager for the offering.
11:54 EDTPWRQuanta rallies after unit selected for Labrador-Island project
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