S&P Global Platts, independent provider of information and benchmark prices for the commodities and energy markets, has announced that it has signed an agreement to acquire PIRA Energy Group, global energy market analysts. The purchase extends S&P Global Platts’ energy analytical capabilities by enhancing the Company’s oil offering and strengthening its position in the natural gas and power markets. The transaction is subject to regulatory approval and is expected to close in the third quarter of 2016. Financial terms were not disclosed.
Founded in 1976, New York-based PIRA provides over 500 energy and commodity customers in 60 countries with a broad range of energy research and forecasting products and services. Customers spanning oil and gas companies, traders, refiners, pipeline and industrial companies, financial organisations and governments use PIRA’s research, forecast data and consulting expertise to undertake fundamental analysis and modelling of the global energy markets.
Imogen Joss, President at S&P Global Platts, says, “PIRA’s globally respected offering, solid customer base and established analytical team offer S&P Global Platts an exciting opportunity to accelerate the development of our global oil and gas analytics capabilities. Together with our recent acquisitions of RigData and Commodity Flow, PIRA will help us provide customers around the world with deeper, more informed insight into energy and commodity markets.”
Gemma Postlethwaite, CEO of PIRA, says, “As part of S&P Global Platts, we see significant opportunities to bring our unique insight to even more of S&P Global Platts’ international customer base, and complement its essential oil, gas and power offerings. S&P Global Platts is committed to investing in its analytical capabilities, and we are pleased that PIRA is an important component of that strategy.”
Dr Gary Ross, Executive Chairman and Head of Global Oil, PIRA says, “We have made great strides in enhancing our products and services to date. This new partnership will help PIRA to accelerate new innovation with combined assets and experts around the globe, and I look forward to continuing to drive our analytical capabilities forward in this exciting new phase of our journey.”