- Veritas Capital has announced the signing of a definitive agreement whereby Veritas has agreed to acquire Verisk’s Energy business, Wood Mackenzie (Woodmac), for $3.1 billion in cash consideration plus future additional contingent consideration of up to $200 million.
“This transaction best positions Verisk to expand our role as a strategic data, analytics, and technology partner to the global insurance industry, and as a result, drive growth and returns that will create long-term shareholder value,” said Lee Shavel, Verisk CEO. “It will also further advance Wood Mackenzie’s competitive position and support the vital roles both organizations play in their respective industries.”
Since joining Verisk in 2015, Wood Mackenzie has developed strong data and analytics capabilities and provides renewable energy and energy transition data and analytics with the purpose of transforming the way the planet is powered.
Veritas is a technology investor with more than $45 billion of assets under management and a focus on companies operating at the intersection of technology and government, and it brings deep sector knowledge and operational expertise to Wood Mackenzie. Veritas plans to help further advance Wood Mackenzie’s goal of accelerating the transition to a more sustainable future.
“Wood Mackenzie is playing a vital role at the forefront of the global energy transition by providing essential data and insights to organizations across the value chain,” said Ramzi Musallam, chief executive officer and managing partner of Veritas.
Green Building Africa is a proud publisher of Wood Mackenzie’s insightful annalysis and articles on the energy sector in Africa plus global energy trends.
Author: Bryan Groenendaal
