Verisk, the leading global provider of data analytics, and Veritas Capital, a leading investor in the intersection of technology and government, have announced the signing of a definitive agreement under which a Veritas subsidiary has agreed to acquire Verisk’s Energy business, Wood Mackenzie, for $3.1 billion in cash. Payable at closing plus additional potential future consideration of up to $200 million.

Verisk announces the sale of Wood Mackenzie to Veritas Capital

Wood Mackenzie is a globally recognized industry leader providing high-quality data, analytics, and insights used to power the energy, renewables and natural resources industry for nearly 50 years. Wood Mackenzie Lens© The platform enables world-class analytics and insights to drive critical decision-making for the company’s longtime clients who are at the forefront of the rapidly evolving energy sector. Since joining Verisk in 2015, Wood Mackenzie has developed powerful data and analytics capabilities, and is now at the nexus of the energy industry’s tailwind, providing clients with leading-edge data and analytics in renewables and energy with the bold goal of transforming the way it is Planet powered.

“This transaction best positions Verisk to expand our role as a strategic data, analytics and technology partner in the global insurance industry and, as a result, drives growth and returns that will create long-term value for shareholders,” said Lee Schaffel, of Verisk. Executive Director. “It will also enhance Wood Mackenzie’s competitive position and support the vital roles that both organizations play in their respective industries.”

“As co-chairs of Wood Mackenzie, Mark Brennen and Joe Levesque have demonstrated outstanding leadership and continue to grow the business by relentlessly innovating on behalf of their clients. We are proud to support Wood Mackenzie’s growth and are confident of their bright future as part of Veritas.”

This announcement is the latest evidence of Verisk’s ongoing efforts to improve the business to achieve optimal long-term sustainable growth and value performance. After an in-depth portfolio review, Verrisk divested its financial services and environmental health and safety firms earlier this year.

Veritas brings deep industry knowledge and operational experience to Wood Mackenzie. As a major investor in technology and technology-enabled companies that provide critical products, programs, and services to government and commercial clients around the world, the company is uniquely positioned to advance Wood Mackenzie’s goal of accelerating the transition to a more sustainable future.

“Based on decades of leadership and innovation, Wood Mackenzie plays a vital role at the forefront of the global energy transformation by providing essential data and insights to organizations across the value chain,” said Ramzi Muslim, CEO and Managing Partner of Veritas. “In partnership with Wood Mackenzie’s leadership, and backed by our strategic investments, we have an opportunity to enhance and expand the company’s data sets and solutions for its growing customer base, from upstream producers looking to decarbonise new energy asset managers who want to optimize their investments.”

The total purchase price is subject to typical adjustments to, among other things, working capital and company debt at closing. Verisk intends to use the after-tax proceeds to pay off debts and return value to shareholders through share buybacks.

The transaction is subject to usual closing conditions, including regulatory approvals, and is expected to close in the first quarter of 23.

Photo: Mark Breen, Co-Chair, Wood Mackenzie

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