Veritas To Acquire Verisk's Wood Mackenzie - Quick Facts

(RTTNews) - 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.