Data analytics provider Verisk Analytics Inc. completed its acquisition of industry research firm Wood Mackenzie Ltd., Verisk said May 19. The purchase price was 1.85 billion British pounds, about US$2.8 billion.
Verisk financed the purchase through debt and equity offerings. Proceeds totaled US$722 million from the offering 10.6 million common shares priced at US$70 each. Proceeds totaled US$900 million from the offering of 4% senior notes due 2025, while proceeds totaled US$350 million from the offering of 5.5% notes due 2045.
About US$1 billion in revolving credit facility borrowings was also used, as was cash on hand. The US$1.75 billion facility is new, and is due May 2020, the company added.
The remaining US$85 million of private placement debt was also paid as part of the transaction.
Verisk’s total debt—short- and long-term—on March 31 was US$3.3 billion. On that date, there were 172.1 million fully diluted shares outstanding, pro forma for the sale of stock.
Verisk’s capex for the remainder of 2015 are now expected to be about US$170 million.
"We're pleased to have completed the acquisition of WoodMac, and delighted to welcome the team into the Verisk family," said Scott Stephenson, Verisk’s president and CEO. "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."
Verisk Analytics Inc. is based in Jersey City, N.J.
Wood Mackenzie Ltd. is based in Edinburgh, Scotland.
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