Press release
News Corp Completes Acquisition of Base Chemicals
Joins OPIS In Expanded Dow Jones Energy, Chemicals and Sustainability Vertical NEW YORK--(BUSINESS WIRE)-- News Corp announced that it has completed the
About this update from News Corporation
[{"type":"text","content":"\nJoins OPIS In Expanded Dow Jones Energy, Chemicals and Sustainability Vertical\n\n NEW YORK--(BUSINESS WIRE)--\nNews Corp announced that it has completed the acquisition of the Base Chemicals business from S&P Global Market Intelligence.\n\nThe business will operate under the name Chemical Market Analytics by OPIS, a Dow Jones company. News Corp acquired OPIS (the Oil Price Information Service) and related assets from S&P Global and IHS Markit in February.\n\nBase Chemicals has a strong track record of growth, with a revenue base that is nearly 100% digital and recurring, and, similar to OPIS, has high margins with modest Capex requirements.\n\nNews Corp is acquiring Base Chemicals for $295 million in a cash transaction, subject to customary adjustments, and follows the UK Competition and Markets Authority request that IHS Markit divest Base Chemicals and OPIS as part of the S&P Global and IHS Markit merger. S&P Global and IHS Markit completed their merger in February. In connection with the Base Chemicals acquisition, News Corp expects to receive a step up in tax basis resulting in an annual deduction over the next 15 years with an estimated tax benefit of approximately $46 million on a present value basis.\n\n“Base Chemicals, together with OPIS, will substantially extend the reach and strength of Dow Jones’ news and information capabilities in commodities, where the desire for data, analysis and insight is burgeoning, especially in energy, renewables, chemicals and related fields,” said Robert Thomson, Chief Executive of News Corp. “Dow Jones will capitalize on the appetite for trusted and accurate information for years to come, and we also see strong cross-sell and upsell potential using the potent Wall Street Journal, Investor’s Business Daily and MarketWatch audiences as a premium pool for customer leads. We are also delighted that the acquisitions of both Base Chemicals and OPIS came at a distinctly favorable price.”\n\nAlmar Latour, Chief Executive Officer of Dow Jones and Publisher of The Wall Street Journal said: “The business and teams we are welcoming to our company today have built one of the most trusted sources of information and analysis across the global chemical value chain. This knowledge and expertise is an excellent companion to OPIS, enabling us to expand into new customer segments as we continue to lay th...