Energy sector data firm Verisk Analytics is to acquire Edinburgh-based research and consulting company Wood Mackenzie for £1.85 billion in cash (around $2.8bn).
Founded in 1974 and currently owned by private equity firm Hellman & Friedman, Wood Mackenzie provides insights, data and analysis for the energy, chemicals, metals and mining industries, including analysis and advice on assets, companies and markets. The company uses predictive models and proprietary data to describe and value assets, forecast their future productivity and value, and provide clients with strategic advice. Operating from offices in Edinburgh, Dubai, Houston, London, Singapore and Sydney, the firm has about 1,000 employees worldwide, and for the year ended December 31st 2014 had revenue of £227m and EBITDA of £107m.
Verisk says the acquisition will place it at the centre of the global energy market, while supporting its plans to expand internationally. As part of the deal, which is expected to close during the second quarter of 2015, Wood Mackenzie's CEO Stephen Halliday (pictured) will continue to lead the business, reporting to Verisk President and CEO Scott Stephenson. According to BBC Scotland, more than 200 Wood Mackenzie staff, who are company shareholders, will receive a £500k average pay out when the deal is concluded.
Halliday comments: 'This combination is a natural home for the business we've built over the years and a great opportunity for our customers and employees. Our teams stand ready to build on the strength of our existing solutions with the benefit of Verisk's analytic expertise, customer relationships, and financial resources.'
Web sites: www.verisk.com , www.hf.com and www.woodmac.com .
All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.