Blackstone clinches $6.5 billion Enverus deal

By Milana Vinn

(Reuters) -Blackstone, the world's largest alternative asset manager, has agreed to buy energy data and analytics provider Enverus, it said in a statement on Wednesday, as dealmaking in the private equity sector shows signs of recovery after a slowdown.

Reuters had exclusively reported last week that Blackstone had emerged as the frontrunner to buy Enverus. No financial details were given, but a source familiar with the matter said the deal values the target at $6.5 billion.

Easing economic uncertainty and the prospect of potential rate cuts, coupled with pent-up demand for dealmaking, have made a fertile environment for a revival in mergers and acquisitions after a tariff-driven slowdown.

Blackstone President and Chief Operating Officer Jonathan Gray had said last month the "dealmaking pause was behind us".

The Enverus deal marks Blackstone's latest investment in the energy sector. In January, a unit of the asset manager had agreed to acquire a 774-megawatt natural gas power plant in Virginia.

"Blackstone shares our conviction that the future of energy will be defined by AI, real-time intelligence, and bold execution," said Enverus CEO Manuj Nikhanj. "Their global reach and deep expertise across energy, infrastructure, and data-rich industries will accelerate our momentum."

"This is more than a transaction — it's a launchpad."

Founded in 1999, Enverus provides analytics and benchmark data sourced from U.S. energy producers and more than 40,000 suppliers. The Austin, Texas-based company has more than 8,000 customers across 50 countries — from exploration and production companies to power and utilities.

Reuters reported in May that private equity firm Hellman & Friedman had launched a sale process for Enverus, which attracted interest from buyout firms and other companies.

H&F had bought Enverus from another private equity firm Genstar Capital in a $4.25 billion deal in 2021.

RBC Capital Markets and Simpson Thacher & Bartlett advised Blackstone on the deal, which is expected to close by the end of 2025. Citi, Morgan Stanley and Kirkland & Ellis advised Enverus and H&F. 

(Reporting by Milana Vinn in New York and Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar and David Holmes)