Energy consultant group Wood Mackenzie confirmed Tuesday it was acquired by Verisk Analytics for approximately $2.8 billion.

"Our teams stand ready to build on the strength of our existing solutions with the benefit of Verisk's analytic expertise, customer relationships, and financial resources," Stephen Halliday, chief executive officer of Wood Mackenzie, said in a statement.

Verisk, which has headquarters in New Jersey, said the deal establishes it as one of the more trusted data analytics providers in the global energy sector, a mirror of its position in the property and insurance industry. Verisk said it would finance the purchase through a combination of debt and equity in a cash deal expected to close during the second quarter of 2015.

Halliday will stay on to lead the new business, reporting to Verisk President and Chief Executive Officer Scott Stephenson.

Wood Mackenzie has a global energy client base that extends across more than 80 countries, competing with rival analytical group IHS.