By contrast Verisk, which is less well known in the oil patch, is known primarily for providing risk assessment data to the insurance industry.

Wood Mackenzie had been reported to be looking at a stock market float, but was also thought to have had approaches from potential trade buyers.

The transaction, which is expected to close during the second quarter, advances Verisk's strategy to expand internationally.

Verisk said the combined company would be a global leader in data analytics.

Wood Mackenzie CEO, Stephen Halliday will continue to lead the business, reporting to Verisk president Scott Stephenson.

Stephenson said Wood Mackenzie was a world-class company that would be an “excellent addition to the Verisk family”

"The company has significant opportunities in the global energy, chemicals, metals and mining verticals, a track record of consistent revenue growth and profitability, distinctive and mission-critical solutions, and an impressive management team," he said.

Halliday said Verisk was a “natural home for the business we've built over the years and a great opportunity for our customers and employees”

"Our teams stand ready to build on the strength of our existing solutions with the benefit of Verisk's analytic expertise, customer relationships, and financial resources,” he said.

Verisk intends to finance the transaction through a combination of about $2 billion in debt and up to $800 million in equity.

Wood Mackenzie has more than 900 employees in 20 countries, with half its workforce in Scotland.

Founded in 1844 Wood Mackenzie provides data and analysis to the energy and mining industries, and has nearly 800 clients around the world.