Verisk Analytics on Tuesday said it agreed to buy Edinburgh-based energy consultancy Wood Mackenzie from it private equity owner and its other shareholders, for £1.85 billion ($2.8 billion) in cash and stock.

Verisk, a US based data analysis firm, said it would fund the transaction with about $2 billion in debt and $800 million in equity. It added that the deal would advance its strategy to expand internationally and position it in markets that relate closely to its existing supply chain and climate risk operations.