WASHINGTON (dpa-AFX) - Verisk (VRSK) and Veritas Capital announced an agreement under which an affiliate of Veritas has agreed to acquire Verisk's Energy business, Wood Mackenzie, for $3.1 billion in cash consideration payable at closing plus future additional contingent consideration 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 Lee Shavel, Verisk CEO.
Verisk plans to use the after-tax proceeds to pay down debt and return value to shareholders through share repurchases.
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