Summary
- Blackstone may pay around $6 billion for Enverus
- Veritas Capital also showed interest in Enverus
- Enverus owner H&F has been running sale process in recent weeks
(Reuters) – Blackstone Inc has emerged as the frontrunner to buy energy-focused data provider Enverus for around $6 billion, according to sources familiar with the matter.
Reuters reported in May that Hellman & Friedman was looking to sell Texas-based Enverus.
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Blackstone recently returned to the process after dropping out earlier this month, three of the sources said. Veritas Capital, which owns energy research firm Wood Mackenzie, was among others to have shown interest in Enverus, although this may now be in vain with Blackstone set to prevail in the auction, said the sources who are not authorized to discuss the private talks publicly.
Blackstone declined to comment. Hellman & Friedman and Veritas could not be immediately reached for comment.
The talks have been going on for several months, but the sources cautioned it is not certain a deal will be reached and noted other suitors could still emerge.
Austin, Texas-based Enverus provides data, analytics, and software solutions to oil and gas companies.
In 2021, Hellman & Friedman acquired majority interest in Enverus from Genstar Capital for $4.25 billion, including debt.
Deal activity involving software businesses has maintained a brisk pace this year, even amid a slowdown in transactions in other parts of the economy.
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