The purchase price was $2.8 billion, net of foreign currency hedges.

Verisk CEO Scott Stephenson said: “We're pleased to have completed the acquisition of WoodMac, and delighted to welcome the team into the Verisk family.

“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.”

WoodMac delivered first-quarter revenue growth of 8.7% and EBITDA growth of 9.5% (excluding exceptional costs).

Verisk expects WoodMac revenue growth, for the full year in the high single digits with continued strong profitability.

Wood Mackenzie CEO Stephen Halliday said: “We're thrilled to be part of Verisk which will give us a larger platform and broader solution set with which we can continue to serve our customers with excellence.”