News Corp will buy U.S oil pricing agency Oil Price Information Service (OPIS) and related assets from S&P Global and IHS Markit for $1.15 billion in cash, to double down on its energy, commodity and renewables database.
OPIS will become part of the Wall Street Journal parent Dow Jones’ Professional Information Business (PIB), which includes Dow Jones Risk & Compliance, Dow Jones Newswires and Factiva, the Rupert Murdoch-controlled media company said on Aug. 2.
The Dow Jones unit accounts for about a fifth of News Corp’s total revenue.
OPIS, which was founded in 1977, is a price reporting agency that provides information used for commercial contracts and trade settlement. It is mainly known for its activities in the U.S.
It provides real-time and historical spot, wholesale/rack and retail fuel prices for refined products, renewable fuels, and natural gas and NGL industries.
The deal is expected to close in the fourth quarter of this year, marking the company’s third buyout deal this year.
S&P Global acquired IHS in November last year for $44 billion in stock, with an aim to create a data powerhouse in the financial information services industry.
Thomson Reuters, parent of Reuters news, competes with Platts, Argus and OPIS in providing news and information to the oil markets.
Recommended Reading
Crescent Energy to Buy Eagle Ford’s SilverBow for $2.1 Billion
2024-05-16 - Crescent Energy’s acquisition of SilverBow Resources will create the second largest Eagle Ford Shale E&P with production of about 250,000 boe/d, the companies said.
Diamondback’s Van’t Hof Plays Coy on Potential Delaware Divestiture
2024-05-16 - Diamondback Energy’s President and CFO Kaes Van't Hof also addressed new Permian exploration and the lack of “fun” dealing with the FTC on its deal to buy Endeavor Energy Resources.
Minerals Market Growing But Needs More Scale, Consolidation
2024-05-15 - The market value of public minerals and royalties companies has doubled since 2019—but the sector needs to grow even larger to attract generalist investors into the fray, experts say.
Marketed: Berlin Resources Anadarko Basin Opportunity
2024-05-13 - Berlin Resources LLC has retained EnergyNet for the sale of an Anadarko Basin opportunity in the Donita 35/2 AP #1H in Roger Mills County, Oklahoma.
TotalEnergies, Sinopec to Develop SAF Unit in China
2024-03-26 - TotalEnergies and Sinopec’s production unit will have the capacity to produce 230,000 tons of sustainable aviation fuel per year.