Dow Today – UPDATE 1-News Corp to buy OPIS for about $1.2 bln
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Aug 2 (Reuters) – News Corp said on Monday it has agreed to acquire U.S oil pricing agency Oil price Information Service (OPIS) and related assets from S&P Global and IHS Markit for about $1.15 billion in cash.
OPIS is a price reporting agency that provides information used for commercial contracts and to settle trades, and it is mainly known for its activities in the United States.
It provides real-time and historical spot, wholesale/rack and retail fuel prices for refined products, renewable fuels, and natural gas and gas liquids industries.
The deal is expected to close in the fourth quarter of this year, marking the company’s third buyout deal this year.
Thomson Reuters, parent of Reuters news, competes with Platts, Argus and OPIS in providing news and information to the oil markets. (Reporting by Eva Mathews and Chavi Mehta in Bengaluru; Editing by Subhranshu Sahu)