Blackstone To Acquire Energy Data Platform Enverus In $6 Billion Deal As AI Set To Drive Power Use: Report

Blackstone Inc. (BX) is reportedly set to acquire energy data platform Enverus Inc. in a deal valued at $6 billion, as artificial intelligence is expected to drive up power consumption in the U.S.

Blackstone’s purchase price for Enverus could rise to $6.5 billion if certain provisions are met, according to a Bloomberg report, citing people familiar with the matter.

Blackstone shares were up 0.38% in Wednesday’s pre-market trading session. Stocktwits data showed the retail sentiment around the BX stock was in the ‘bearish’ territory.

The report added that Blackstone could announce the Enverus deal on Wednesday. Enverus is based out of Austin, Texas, and collects data from over 40,000 energy suppliers in the U.S., and 95% of the energy producers in the country. Overall, Enverus’ data analytics and software are used by more than 8,000 users across 50 countries, according to the company.

Enverus is backed by Hellman & Friedman LLC, and it was valued at $4.5 billion in 2021, according to the report.

Intercontinental Exchange Inc., the parent of the New York Stock Exchange, was also reportedly negotiating a deal for Enverus.

Enverus is the second power deal from Blackstone in three months. In May, the world’s largest alternative asset manager agreed to acquire TXNM Energy Inc. in a deal valued at $5.7 billion.

The flurry of power deals comes at a time when artificial intelligence is expected to result in a surge in electricity demand across the world. According to a recent report by the International Energy Agency, electricity demand from data centers worldwide is projected to more than double by 2030, to 945 terawatt-hours. 

BX stock is down 3% year-to-date, but up nearly 29% over the past 12 months.

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