An American data analytics and risk assessment firm based in Jersey City has bought Edinburgh, UK-based energy and mining industry analyst Wood Mackenzie.
Verisk Analytics has agreed to buy the firm for US$2.8 billion from owners Hellman & Friedman and other Wood Mackenzie shareholders.
The move follows a period of speculation about Wood Mackenzie being for sale or considering an IPO. It also follows a string of other deals in the energy analyst market, including Wood Mackenzie itself acquiring Deloitte's Petroleum Services Group earlier this month. Last month, Norwegian private equity outfit Energy Ventures bought UK-based, 1993-founded oil industry analyst Hannon Westwood. Also last month, drilling and completions data benchmarking firm Rushmore Reviews, based in Aberdeen, was bought by IHS.
Wood Mackenzie has approximately 1000 employees worldwide with offices in Edinburgh, Dubai, Houston, London, Singapore, and Sydney. The firm produced its first oil report in 1973, at the dawn of the North Sea oil industry.
Scott Stephenson, president and chief executive officer of Verisk Analytics said: "The company has significant opportunities in the global energy, chemicals, metals and mining verticals, a track record of consistent revenue growth and profitability, distinctive and mission-critical solutions, and an impressive management team. Those are all features of a unique and wonderful business."
For the year ended December 31, 2014, Wood Mackenzie's revenue and EBITDA were £227 million and £107 million, respectively, representing an EBITDA margin of 47.1%.
The deal is expected to close during Q2 2015, subject to the completion of customary closing conditions, including receipt of regulatory approvals.
Stephen Halliday, Wood Mackenzie's CEO, will continue to lead the business, reporting to Verisk president and CEO, Scott Stephenson.
Subscribe
