General Atlantic has agreed to acquire energy and commodities information provider Argus Media in a deal which values the company at almost £1bn (€1.3bn).

The transaction, which drew significant buyout interest, will enable the founding family to cash out. General Atlantic will take a majority stake, while executive chairman and publisher Adrian Binks will retain the bulk of his shares.

Argus was founded in 1970 as a weekly newsletter covering the Amsterdam, Rotterdam and Antwerp petroleum markets. It now provides price reporting and editorial content on the oil and gas and commodities sectors through more than 160 publications.

The company has around 750 employees and 21 offices worldwide.