The deal, which includes an additional contingent consideration of up to $200m, was announced by Wood Mackenzie’s previous owner global data analytics provider Verisk, which Wood Mackenzie joined in 2015.

The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first quarter of 2023.

Veritas is a technology investor with more than $45bn in assets under management and invests in companies that provide products, software and services to government and commercial customers worldwide.

The announcement follows Verisk’s decision earlier this year to divest its financial services and environmental health and safety businesses following an in-depth portfolio review.

Lee Shavel, chief executive at Verisk, said: “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.

“It will also further advance Wood Mackenzie’s competitive position and support the vital roles both organisations play in their respective industries.”

Ramzi Musallam, chief executive and managing partner at Veritas, said: “Wood Mackenzie is playing a vital role at the forefront of the global energy transition by providing essential data and insights to organisations across the value chain.

“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 decarbonise to new energy asset managers who want to optimise their investments.”