Thursday, December 1, 2022
HomeInsuranceVerisk sells power enterprise for $3.1 billion; renews give attention to insurance...

Verisk sells power enterprise for $3.1 billion; renews give attention to insurance coverage business


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

“This transaction greatest positions Verisk to broaden our position as a strategic information, analytics, and expertise companion to the worldwide insurance coverage business, and in consequence, drive development 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 help the important roles each organizations play of their respective industries.

“As co-presidents of Wooden Mackenzie, Mark Brinin and Joe Levesque have demonstrated outstanding 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 providers and environmental well being and security companies earlier this yr.

The whole 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 way of share repurchases.

Veritas Capital is a longstanding expertise investor with greater than $45 billion of belongings underneath administration and focuses on firms working on the intersection of expertise and authorities. It invests in firms that present important merchandise, software program, and providers, primarily expertise and technology-enabled options, to authorities and industrial prospects worldwide.

“Drawing from its a long time of management and innovation, Wooden Mackenzie is enjoying 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 sturdy backing of our strategic funding, we have now a chance to reinforce and broaden the datasets and options the corporate offers to its rising buyer base, from upstream producers who want to decarbonize to new power asset managers who need to optimize their investments.”

 

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