News Corp. has completed its $295 million cash deal for the Base Chemicals business—including a well-known plastics pricing and consulting unit—of S&P Global Market Intelligence. The business will operate under the name Chemical Market Analytics by OPIS, a Dow Jones Co.
News Corp. first announced the acquisition of OPIS (Oil Price Information Service) and related assets from S&P Global and IHS Markit in February.
In a news release, officials with News Corp. in New York said that the Base Chemicals business "has a strong track record of growth, with a revenue base that is nearly 100 percent digital and recurring and, similar to OPIS, has high margins with modest (capital expenditure) requirements."
The deal resulted from the United Kingdom Competition and Markets Authority's request that IHS Markit divest Base Chemicals and OPIS as part of the S&P Global and IHS Markit merger, which was completed in February.