Oracle to buy utility software maker Opower

Mon May 2, 2016 8:20am EDT
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(Reuters) - Oracle Corp (ORCL.N: Quote) 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)

The Oracle logo is seen on its campus in Redwood City, California June 15, 2015.  REUTERS/Robert Galbraith