IHS Inc. (NYSE: IHS), a global source of critical information and insight, has signed a definitive agreement to acquire Oil Price Information Service (OPIS), a pricing reporting agency that serves the oil, natural gas, and biofuels industries, for $650 million.
OPIS is a source for US refined petroleum pricing data, news, and analytics. OPIS information primarily serves the downstream energy market and will help to further diversify the IHS Energy portfolio.
OPIS began covering petroleum news in 1977 with the launch of its Oil Express Newsletter. OPIS later pioneered "rack" price discovery for thousands of wholesalers, and now maintains a database of US wholesale petroleum prices, publishing more than 30,000 rack prices each day at over 1,500 terminals in nearly 400 market locations. All OPIS spot and rack prices are available historically to customers via its web-based TimeSeries database. Also, OPIS is an aggregator of retail petroleum pricing, covering more than 300,000 retail locations in over 30 countries. OPIS employs 281 people and is headquartered in Gaithersburg, Maryland. It is owned by UCG, a privately held portfolio of business information, software, and technology companies.
The acquisition is subject to regulatory approval, including expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.