Verisk agreed on Oct. 31 to sell Wood Mackenzie to a Veritas Capital affiliate for $3.1 billion in cash consideration payable at closing plus future additional contingent consideration of up to $200 million.

Wood Mackenzie is an analytics company that provides essential data and insights to organizations across the value chain. New York-based Veritas Capital, according to CEO and Managing Partner Ramzi Musallam, can help advance WoodMac’s goal of accelerating the transition to a more sustainable future.

“In partnership with Wood Mackenzie leadership, and with the strong backing of our strategic investment, we have an opportunity to enhance and expand the datasets and solutions the company provides to its growing customer base, from upstream producers who are looking to decarbonize to new energy asset managers who want to optimize their investments,” Musallam said in a statement.

Verisk, a data analytics provider, had previously acquired WoodMac from Hellman & Friedman and other Wood Mackenzie shareholders in 2015 for $2.8 billion.

On Oct. 31, Verisk CEO Lee Shavel said the sale of WoodMac “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.”

The total purchase price is subject to typical adjustments for, among other things, the working capital and the debt of the business at closing. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close first-quarter 2023.