Verisk agrees to sell energy-analytics unit Wood Mackenzie to Veritas Capital (update)
tumsasedgars/iStock via Getty Images

Update 8:45am: Adds deal confirmation. 

Verisk Analytics (NASDAQ:VRSK) agreed to sell its energy consulting arm Wood Mackenzie to private equity firm Veritas Capital in a deal valued at $3.1 billion.
Veritas Capital may pay another $200 million in addition continent consideration, according to a statement. 

The sale comes after Verisk (VRSK) announced in March it would become a pure play insurance data analytics solutions provider and was evaluating strategic alternatives for separating its energy unit.

The Verisk (VRSK) moves come after holder DE Shaw reportedly pushed for asset sales, other changes in March.

Verisk (VRSK) said it intends to use the after-tax proceeds from the Wood Mackenzie sale to pay down debt and return value to shareholders through share repurchases.
Morgan Stanley is acting as financial advisor and Davis Polk & Wardwell LLP as legal advisor to Verisk in connection with the transaction. Gibson, Dunn & Crutcher is acting as legal advisor to Veritas.
The news was earlier reported by WSJ.
In January Verisk (VRSK) agreed to sell its 3E business to investment firm New Mountain Capital for a potential aggregate cash consideration of up to $950M.