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Veritas will pay $3.1 billion on the closing of the transaction, expected in the March quarter of 2023, plus a future payment of up to $200 million.
Verisk originally acquired WoodMac in 2015 for $2.8 billion and is divesting it to focus on the expansion of its role as a partner to the global insurance sector.
WoodMac is a globally recognised industry leader that has been providing quality data, analytics, and insights used to power the energy, renewables, and natural resources industry for nearly 50 years.
It expanded last year with the acqusition of Roskill.
"Drawing from its decades of leadership and innovation, 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," Veritas CEO and managing partner Ramzi Musallam said.
"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."
