Blackstone Nears $6 Billion Deal for Energy Data Firm Enverus
Private equity firm Blackstone is in advanced talks to acquire Enverus, a Texas-based energy analytics company, in a sale expected to value the business at $6 billion.
July 31 EST: Blackstone is close to clinching a deal to buy Enverus, the Austin-based energy software company, at a reported valuation of $6 billion, according to people briefed on the talks. The private equity firm is said to be the preferred bidder in a sale process run by Hellman & Friedman, which acquired Enverus in 2021 for roughly $4.25 billion.
While a deal hasn’t been finalized, sources familiar with the matter say Blackstone is prepared to meet the seller’s full asking price, potentially closing one of the largest U.S. software acquisitions of the year.
Energy Tech, Minus the Hype
Enverus, once known as Drillinginfo, built its reputation supplying data tools to oil and gas operators. Over time, it expanded into renewables, carbon tracking, and real-time market intelligence, serving everyone from upstream drillers to Wall Street desks.
What makes it valuable isn’t just the software it’s the position. Enverus is wired into how companies make capital decisions in volatile markets. Its data isn’t optional. It’s operational.
That gives it the kind of pricing power and contract stickiness that software investors look for, especially when growth capital is tight.
A Fit for Blackstone’s Long Game
For Blackstone, the logic is familiar: enterprise software, sector focus, recurring revenue. The firm has leaned heavily into infrastructure-adjacent tech plays, where digitization meets legacy industries.
This one slots in cleanly. Enverus combines energy sector depth with real software margins few customers, high value, little churn. That’s exactly the kind of profile that plays well in Blackstone’s portfolio, particularly given its existing exposure to energy assets.
Not the Only Name in the Room
Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, was also reportedly in the mix earlier this summer. Whether it remains a contender isn’t clear, but as of this week, Blackstone is said to be out in front.
No company has publicly confirmed the status of negotiations. Reps for Blackstone, Hellman & Friedman, and Enverus have all declined comment.
Deal Timing and Valuation
Hellman & Friedman kicked off the sale process in May, hiring Citi to run it. At the time, sources pegged Enverus’s EBITDA at about $400 million, suggesting a 15× multiple on the current valuation. That’s high by today’s compressed market standards but not for a vertical SaaS firm with this level of embedded utility.
If it closes at $6 billion, the deal would mark a significant win for Hellman & Friedman and a rare 40% value step-up in a private equity environment still shaking off a two-year slump.
What’s Next
The deal isn’t done yet. Blackstone’s offer, while strong, will still need to clear diligence, possible regulatory review, and internal sign-offs. That said, if no rival steps in, Blackstone appears to have a clear path to take over one of the most entrenched data players in U.S. energy.
For private equity, it’s a reminder that even in a tight market, good software still gets paid.
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A Wall Street veteran turned investigative journalist, Marcus brings over two decades of financial insight into boardrooms, IPOs, corporate chess games, and economic undercurrents. Known for asking uncomfortable questions in comfortable suits.
