Murdoch-owned News Corp has inked a deal to buy a petroleum analytics provider from S&P Global and IHS Markit for $1.15bn (£830m) in cash.
Oil Price Information Service (OPIS), which provides pricing and analysis for the fuel industry, will become part of Dow Jones’ growing Professional Information Business (PIB) which includes Dow Jones Risk & Compliance, Dow Jones Newswires and Factiva.
According to Robert Thomson, chief executive of News Corp, OPIS will help Dow Jones in its goal to build the leading global business news and information platform for professionals.
He said: “OPIS will be the cornerstone for a rising commodities, energy and renewables digital business that we are convinced will have a positive impact on Dow Jones and News Corp.
“Dow Jones is ideally positioned to accelerate growth at OPIS, while OPIS will be a powerful pillar, alongside Risk & Compliance in the fast-growing Dow Jones Professional Information Business.”
OPIS is expected to generate approximately $129m in theyear to 30 November with adjusted EBITDA margins predicted to exceed 50 per cent.
According to News Corp, the transition to climate friendly fuel sources is increasing demand for the type of in-depth analytics provided by OPIS on pricing for the oil, natural gas liquids and biofuel industries as well as for carbon and renewables.
Almar Latour, CEO of Dow Jones said “Dow Jones and OPIS together can be a leading provider of energy and renewable information, combining trusted news, data, analytics, events and an interconnected professional community.”