May 2, 2016 / 12:22 PM / a year ago

Oracle to buy utility software maker Opower

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

(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

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