Wednesday, December 7th, 2022

Verisk sells vitality enterprise for $3.1 billion; renews give attention to insurance coverage trade


Wooden Mackenzie gives knowledge, analytics, and insights to energy the vitality, renewables, and pure assets trade. The Wooden Mackenzie Lens platform allows world class analytics and insights to drive crucial determination making for the corporate’s longstanding purchasers that function within the quickly evolving vitality sector

“This transaction finest positions Verisk to broaden our function as a strategic knowledge, analytics, and know-how companion to the worldwide insurance coverage trade, and in consequence, drive development and returns that may create long-term shareholder worth,” stated Lee Shavel, Verisk CEO. “It’s going to additionally additional advance Wooden Mackenzie’s aggressive place and help the important roles each organizations play of their respective industries.

“As co-presidents of Wooden Mackenzie, Mark Brinin and Joe Levesque have demonstrated exceptional management and have continued to develop the enterprise by relentlessly innovating on behalf of their purchasers. We’re proud to have supported Wooden Mackenzie’s development and are assured of their brilliant future as a part of Veritas.”

The sale of Wooden MacKenzie reveals Verisk’s continued efforts to optimize the enterprise for peak efficiency and long-term sustainable development and worth. After an in-depth portfolio evaluation, Verisk divested its monetary companies and environmental well being and security companies earlier this yr.

The entire buy value of the Wooden McKenzie deal is topic to typical changes for, amongst different issues, the working capital and the debt of the enterprise at closing. Verisk will use the after-tax proceeds to pay down debt and return worth to shareholders by means of share repurchases.

Veritas Capital is a longstanding know-how investor with greater than $45 billion of property beneath administration and focuses on corporations working on the intersection of know-how and authorities. It invests in corporations that present crucial merchandise, software program, and companies, primarily know-how and technology-enabled options, to authorities and business clients worldwide.

“Drawing from its a long time of management and innovation, Wooden Mackenzie is enjoying an important function on the forefront of the worldwide vitality transition by offering important knowledge and insights to organizations throughout the worth chain,” stated Ramzi Musallam, CEO and managing companion of Veritas. “In partnership with Wooden Mackenzie management, and with the sturdy backing of our strategic funding, we’ve a possibility to reinforce and broaden the datasets and options the corporate gives to its rising buyer base, from upstream producers who wish to decarbonize to new vitality asset managers who need to optimize their investments.”

 



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