Daily Mail Group Sells Energy Data Firm to Verisk

Newspaper group the Daily Mail and General Trust has sold its US-based energy data firm Genscape to competitor Verisk Analytics in a cash deal valued at $364m (£297m).

Founded in 1999, Kentucky-based Genscape uses patented technologies and proprietary algorithms to provide data and analysis to companies in the oil, power and natural gas markets. Daily Mail and General Trust, which acquired Genscape in 2006 for $130m, says the sale is consistent with its 'strategic priorities' and will add more than £200m net cash to its balance sheet.

Following the acquisition, Genscape will become part of energy research consultancy Wood Mackenzie, which Verisk acquired in 2015 for £1.85bn (then around $2.8bn). Commenting on the news, Neal Anderson (pictured), President of Wood Mackenzie, said: 'With Genscape joining Wood Mackenzie, our customers will now better understand the defining issues facing key energy commodities - over the long term with Wood Mackenzie's existing offerings and in the short term through Genscape's offerings'.

Web sites: www.genscape.com , 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.