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Aug 2 (Reuters) – News Corp (NWSA.O) will buy U.S oil pricing agency Oil price Information Service (OPIS) and related assets from S&P Global (SPGI.N) and IHS Markit (INFO.N) for $1.15 billion in cash, to double down on its energy, commodity and renewables database.
OPIS will become part of the Wall Street Journal parent Dow Jones’ Professional Information Business (PIB), which includes Dow Jones Risk & Compliance, Dow Jones Newswires and Factiva, the Rupert Murdoch-controlled media company said on Monday.
The Dow Jones unit accounts for about a fifth of News Corp’s total revenue.
OPIS, which was founded in 1977, is a price reporting agency that provides information used for commercial contracts and trade settlement. 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.
S&P Global acquired IHS in November last year for $44 billion in stock, with an aim to create a data powerhouse in the financial information services industry.
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