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HomeInsuranceVerisk sells power enterprise for $3.1 billion; renews deal with insurance coverage...

Verisk sells power enterprise for $3.1 billion; renews deal with insurance coverage business


Wooden Mackenzie offers information, analytics, and insights to energy the power, renewables, and pure assets business. The Wooden Mackenzie Lens platform allows world class analytics and insights to drive crucial determination making for the corporate’s longstanding shoppers that function within the quickly evolving power sector

“This transaction finest positions Verisk to increase our position as a strategic information, analytics, and expertise companion to the worldwide insurance coverage business, and in consequence, drive progress and returns that may create long-term shareholder worth,” stated Lee Shavel, Verisk CEO. “It’ll additionally additional advance Wooden Mackenzie’s aggressive place and assist 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 shoppers. We’re proud to have supported Wooden Mackenzie’s progress and are assured of their vivid future as a part of Veritas.”

The sale of Wooden MacKenzie exhibits Verisk’s continued efforts to optimize the enterprise for peak efficiency and long-term sustainable progress and worth. After an in-depth portfolio assessment, Verisk divested its monetary companies and environmental well being and security companies earlier this 12 months.

The full 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 via share repurchases.

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

“Drawing from its many years of management and innovation, Wooden Mackenzie is taking part in an important position on the forefront of the worldwide power transition by offering important information 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 robust backing of our strategic funding, we have now a possibility to boost and increase the datasets and options the corporate offers to its rising buyer base, from upstream producers who need to decarbonize to new power asset managers who wish to optimize their investments.”

 

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