Verisk to sell energy business to Veritas for $3.1bn

Data analytics provider Verisk has agreed to sell its energy business, Wood Mackenzie, to Veritas for $3.1bn in cash.

There is a future additional contingent consideration of up to $200m, Verisk said, adding that it plans to use proceeds from the sale to pay down debt and return value to shareholders through share repurchases.

Wood Mackenzie has been providing data, analytics, and insights used to power the energy, renewables, and natural resources industry for nearly 50 years.

Verisk chief executive Lee Shavel said: "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.

"It will also further advance Wood Mackenzie’s competitive position and support the vital roles both organisations play in their respective industries."

Veritas is a technology investor with more than $45bn of assets under management and a focus on companies operating at the intersection of technology and government. It invests in companies that provide critical products, software, and services, primarily technology and technology-enabled solutions, to government and commercial customers worldwide.