Private-equity firm Blackstone announced on 6 August that its funds have inked a deal to acquire Enverus, one of the oil and gas industry’s largest data analytics and market intelligence companies.
Blackstone, the world’s largest asset management firm, said Enverus now serves more than 8,000 clients across 50 countries, with data partnerships that account for more than 95% of US energy producers.
“This is more than a transaction—it’s a launchpad. Blackstone shares our conviction that the future of energy will be defined by [artificial intelligence], real-time intelligence, and bold execution,” Manuj Nikhanj, CEO of Enverus, said in a statement.
Founded in 1999 as DrillingInfo, the company was acquired by Genstar Capital in 2018, and in 2019 rebranded as Enverus. The company has fueled its growth in large part through acquisitions that include RigData from S&P Global Platts in 2019 along with RS Energy Group and Houston-based Q Engineering in 2020.
Enverus itself changed hands again in 2021 when Genstar sold a majority stake to Hellman & Friedman in a deal valued at $4.25 billion, including debt, according to Reuters.
While terms of the latest transaction were not disclosed, Reuters reported that the deal with Blackstone could carry a transaction value of up to $6.5 billion, depending on financial performance. Per the report, Blackstone is expected to complete the transaction by year-end, and to pay between $6.1 billion and $6.4 billion for the data provider.
Blackstone has made other recent moves to acquire oil and gas interests, primarily in the midstream and utility sectors. This includes a $1-billion 774-MW natural gas power plant in Virginia, expected to supply emerging data center demand, and a $3.5-billion pipeline joint venture with EQT, the largest natural gas producer in the US.
