Energy information provider Platts, part of the McGraw-Hill Companies, US, has announced an agreement to acquire Oil Price Information Service, LLC, (OPIS) from United Communications Group (UCG), a privately held business information provider.
The purchase price was not disclosed.
OPIS provides news and price information to the wholesale and retail petroleum markets in North America. The acquisition, expected to be completed in the first half of 2011, is subject to regulatory approval.
This acquisition supports Platts' growth strategy by expanding its presence in North America and extending price reporting into the wholesale and retail petroleum markets. The combination of Platts and OPIS data is expected to bring greater transparency to the markets by giving customers greater insight into the petroleum supply chain - from crude trading to retail sales.
Founded in 1977, OPIS provides posted prices for more than 400 wholesale terminals and retail fuel prices for over 120,000 gas stations. In addition to serving the rack and retail markets, it produces 4,000 price assessments for seven US spot markets. Its broad customer base includes refiners, traders, brokers, large end-users, suppliers, wholesalers, fleets and consumers. The company maintains a database of more than five billion historical spot, rack and retail prices and delivers the majority of its news and pricing information to customers electronically.
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