Acquisition Complete for Booming Wood Mackenzie

US-based Verisk Analytics has completed the acquisition of Edinburgh's Wood Mackenzie Ltd, a provider of analytics and intelligence services covering the energy, chemicals, metals and mining sectors. The Scottish firm reported first-quarter revenue growth of 8.7% and EBITDA up 9.5%.

The acquisition was announced in March, with the eye-catching price of £1.85bn in cash representing a substantial multiplier of 2014 revenue of £227m and EBITDA of £107m. Verisk raised the money via an equity offering with net proceeds of $722m; bond offerings with a combined yield of $1.25bn; borrowings of c.$1.0bn under a new $1.75bn revolving credit facility; and cash on hand.

'WoodMac', which operates from offices in Edinburgh, Dubai, Houston, London, Singapore and Sydney, and has about 1,000 employees worldwide, says it expects full-year revenue growth in GBP in the high single digits, with continued strong profitability. The completion is good news for more than 200 shareholding staff, who according to BBC Scotland will now receive a £500k average pay-out.

Verisk President and CEO Scott Stephenson said: 'This is a strategic acquisition that adds another Verisk-like business in a large, dynamic, and global vertical. We expect a quick and smooth integration, and are ready to pursue a range of combined company opportunities starting immediately.' WoodMac's CEO Stephen Halliday (pictured) comments: 'We're thrilled to be part of Verisk which will give us a larger platform and broader solution set with which we can continue to serve our customers with excellence.'

Web sites: www.verisk.com and www.woodmac.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.

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