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Verisk Ends Effort To Acquire EagleView
From the Wall Street Journal of Tue, 16 Dec 2014 17:14:37 EST

WASHINGTON— Verisk Analytics Inc. said Tuesday it was abandoning a proposed $650 million deal to acquire EagleView Technology Corp. in the face of an antitrust challenge by the U.S. Federal Trade Commission.

The FTC announced Tuesday it would seek to block the transaction, alleging it could lead to higher prices for insurance carriers and consumers.

The FTC said the deal was problematic because it would combine the only two notable competitors that offer aerial measurement products used by the insurance industry to calculate the dimensions of building rooftops.

Insurance companies use the aerial technology to help determine the costs of repairing or replacing rooftops because it is safer and more accurate than sending insurance adjusters out to measure damaged rooftops manually, the FTC said.

“Verisk worked hard to come to a mutually agreeable solution with the FTC, but no agreement could be reached that was in the best interests of our shareholders,” the company’s president, Scott Stephenson, said in a written statement.

Write to Brent Kendall at brent.kendall@wsj.com



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