Jersey City-based analytics provider Verisk on Thursday said it completed the previously announced sale of Wood Mackenzie to an affiliate of Veritas Capital for $3.1 billion.
Wood Mackenzie provides data, analytics and insights to support the energy, renewables and natural resources industry.
“This marks a significant value-creating step for Verisk, which returns the company to its roots as a dedicated strategic partner to the global insurance industry,” Lee Shavel, CEO and president of Verisk, said. “We’ll continue to execute our strategy to deliver long-term sustainable growth by enabling our customers to make better decisions, increase efficiency and reduce operating expenses, while delivering a better experience to their customers.”
The sale of Wood Mackenzie followed divestitures of Verisk’s financial services and environmental health and safety businesses last year. The divestitures were the result of an in-depth portfolio review by Verisk.
Morgan Stanley & Co. LLC is acting as financial adviser and Davis Polk & Wardwell LLP as legal adviser to Verisk in connection with the transaction. Gibson, Dunn & Crutcher LLP is acting as legal adviser to Veritas.
