EnerNOC, a 16-year-old energy management software company, has agreed to be acquired by Enel Group, a global power utility company, in an all-cash deal valued at over $300 million.

Enel Group, through its subsidiary Enel Green Power North America, plans to purchase Boston-based EnerNOC (NASDAQ: ENOC) for $7.67 per share, a 42 percent premium to EnerNOC’s closing stock price on Wednesday. The $300 million valuation includes EnerNOC’s net debt.

The acquisition has been unanimously approved by EnerNOC’s board, but is still subject to certain closing conditions and must be cleared by U.S. antitrust regulators. The deal is expected to close in the third quarter of this year.

EnerNOC was founded in 2001 by Tim Healy and David Brewster, who still lead the company as CEO and president, respectively. The company’s software helps businesses and utilities monitor and manage energy usage and costs. Part of its goal has been to boost energy efficiency through “demand response” programs; basically, the company installs Internet-connected control devices that dial back electricity consumption at commercial and industrial sites during times of peak demand.

EnerNOC went public in 2007, and it has made a series of acquisitions since then to build out its offerings and expand its geographic footprint.

EnerNOC’s stock price peaked at nearly $50 per share in late 2007, before the recession and falling oil prices. The company’s stock has had its ups and downs since then, but has mostly traded below $10 per share over the past couple of years.

In October, EnerNOC announced a restructuring plan that involved laying off 15 percent of its worldwide staff, or about 200 people, the Boston Globe reported.

Leading up to the Enel Group acquisition agreement, EnerNOC considered a variety of “strategic options” for the business, according to a press release.

“In combining forces with the Enel Group, we look forward to accelerating the growth of our core businesses and to delivering ever more value to our customers as we lead the transition to a more sustainable, distributed energy future,” Healy said in a prepared statement.

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