Verisk to sell WoodMac in USD-3.1bn deal

Verisk Analytics, Inc (NASDAQ:VRSK) said on Monday it had agreed to sell its energy-focused research and consultancy business Wood Mackenzie to New York-based private equity firm Veritas Capital.

Veritas Capital’s affiliate will acquire the business for USD 3.1 billion (EUR 3.12bn) in cash payable at closing plus future additional contingent consideration of up to USD 200 million, Verisk said.

Wood Mackenzie, also known as WoodMac, has been providing data, analytics and insights for the energy, renewables, and natural resources industry throughout its nearly 50-year history. The business was acquired by Verisk in 2015.

In Monday’s announcement, the US data analytics provider said of WoodMac’s future owner:

“As a premier investor in technology and technology-enabled companies that provide critical products, software, and services to government and commercial customers worldwide, the firm is uniquely positioned to further advance Wood Mackenzie’s goal of accelerating the transition to a more sustainable future”.

“In partnership with Wood Mackenzie leadership, and with the strong backing of our strategic investment, we have an opportunity to enhance and expand the datasets and solutions the company provides to its growing customer base, from upstream producers who are looking to decarbonize to new energy asset managers who want to optimize their investments," added Ramzi Musallam, Chief Executive Officer and Managing Partner of Veritas.

The acquisition is expected to finalised in the first quarter of 2023.

(USD 1.0 = EUR 1.006)

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