Verisk to sell Wood Mackenzie energy business for up to $3.3 billion in cash to Veritas Capital

Shares of Verisk Analytics Inc. climbed 1.3% in premarket trading Monday, after the provider of analytics for the insurance and energy industries announced an agreement to sell its energy business, Wood Mackenzie, for $3.1 billion in cash at closing to Veritas Capital. Under terms of the deal, which is expected to close in the first quarter of 2023, there is also a future additional contingent payment 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 Verisk Chief Executive Lee Shavel. The stock has lost 20.8% year to date through Friday, while the S&P 500 has declined 18.2%.

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