Verisk Analytics, Inc. has completed the previously announced acquisition of Wood Mackenzie, for a purchase price of £1.85 billion (approximately US$2.8 billion).
Commenting on the completion, Scott Stephenson, President and CEO of Verisk Analytics, said: "We're pleased to have completed the acquisition of WoodMac, and delighted to welcome the team into the Verisk family. This is a strategic acquisition that adds another Verisk-like business in a large, dynamic, and global vertical. We expect a quick and smooth integration, and are ready to pursue a range of combined company opportunities starting immediately."
Stephen Halliday, CEO of Wood Mackenzie, added: "We're thrilled to be part of Verisk which will give us a larger platform and broader solution set with which we can continue to serve our customers with excellence.”
Wood Mackenzie delivered strong results for the first quarter of 2015, with revenue growth of 8.7% in GBP and EBITDA growth of 9.5% (excluding exceptional costs).
Verisk Analytics financed the acquisition through the following:
- An equity offering with net proceeds of US$722 million from the sale of 10.6 million shares at US$70 per share.
- Bond offerings of US$900 million of 4% senior notes due 2025 and US$350 million of 5.5% senior notes due 2045.
- Borrowings of approximately US$1 billion under its new US$1.75 billion revolving credit facility due May 2020, and cash on hand.
Adapted from press release by Katie Woodward
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/20052015/verisk-finalises-woodmac-acquisition-786/