Verisk recently announced the signing of a definitive agreement under which an affiliate of Veritas Capital will be acquiring, Wood Mackenzie (WoodMac) – the world-renowned data analytics source.
Veritas Capital describes itself as a private equity firm that invests in products and services critical to government and commercial customers.
According to Verisk, Veritas will acquire WoodMac for US$3.1 billion in cash consideration payable at closing plus future additional contingent consideration of up to US$200 million.
WoodMac is a globally recognised industry leader that has been providing quality data, analytics, and insights used to power the energy, renewables, and natural resources industry for nearly 50 years. The Wood Mackenzie Lens© platform enables world-class analytics and insights to drive critical decision-making for the company’s longstanding clients that operate at the cutting edge of the rapidly evolving energy sector.
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Since joining Verisk in 2015, Wood Mackenzie has developed strong data and analytics capabilities and is now advantageously positioned at the nexus of energy industry tailwinds, offering clients leading renewable energy and energy transition data and analytics with the bold purpose of transforming the way the planet is powered.
“This transaction best positions Verisk to expand our role as a strategic data, analytics, and technology partner to the global insurance industry, and as a result, drive growth and returns that will create long-term shareholder value,” Lee Shavel, Verisk’s Chief Executive Officer said. “It will also further advance Wood Mackenzie’s competitive position and support the vital roles both organisations play in their respective industries.”
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According to Verisk, the total purchase price is subject to typical adjustments for, among other things, the working capital and the debt of the business at closing. It intends to use the after-tax proceeds to pay down debt and return value to shareholders through share repurchases.
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first quarter of 2023.