Software giant Oracle has acquired cloud-based energy software company Opower in a $532 million cash deal.
The Redwood Shores, Calif. maker of cloud and software management systems will pay $10.30 per share of Opower, which supplies utilities with cloud-based energy efficiency services and other software. The price represents a 30% premium over Opower's closing share price Friday of $7.90. The companies expect the deal to close by the end of 2016.
Opower (OPWR) shares were up more than 29% in premarket trading. Oracle (ORCL) shares closed Friday down 1.17% to $39.86.