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(Bloomberg) — Blackstone Inc. has agreed to buy energy data platform Enverus in one of its biggest acquisitions of the year.
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The private equity firm is acquiring the business from owners Hellman & Friedman and Genstar Capital, according to a statement Wednesday that confirmed an earlier Bloomberg News report. Financial terms were not disclosed. The deal values Enverus at more than $6 billion, people with knowledge of the matter said.
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Blackstone’s purchase price could reach $6.5 billion if certain earnout provisions are met, according to the people, who asked not to be identified discussing confidential information.
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Austin-based Enverus was valued at $4.25 billion including debt in 2021, when Hellman & Friedman bought it from Genstar Capital. Reuters reported in July that Blackstone was a frontrunner to acquire Enverus.
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Enverus draws its data from over 95% of US energy producers and more than 40,000 suppliers, its website shows. The company says its data analytics and software are used by about 8,000 customers in 50 countries.
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“Enverus’ advanced analytics and technology solutions are critical for its customers as they navigate unprecedented AI-driven electricity demand growth and the broader energy transition,” Eli Nagler and Bilal Khan, senior managing directors at Blackstone, said in Wednesday’s statement.
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Bloomberg News reported last month that Intercontinental Exchange Inc., parent of the New York Stock Exchange, was also negotiating a potential deal for Enverus.
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In May, Blackstone Infrastructure agreed to acquire New Mexico utility owner TXNM Energy Inc. for about $5.7 billion. It was the latest in a flurry of power deals as US electricity consumption grows.
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Citigroup Inc. and Morgan Stanley are acting as financial advisers to Enverus and Hellman & Friedman. RBC Capital Markets is advising Blackstone.
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