Thomson Reuters Corp, a leading global provider of information services to the finance industry, announced today that it has agreed to sell its intellectual property and science business to private equity firms Onex Corp and Baring Private Equity Asia for $3.55 billion.
Intellectual Property
The business being sold provides intellectual property and scientific information and associated tools and services to governments, universities and companies.
Jim Smith, President and CEO of Thomson Reuters, commented: "We are pleased to announce the agreement today to sell our Intellectual Property & Science business to Onex and Baring Asia. With the completion of this divestiture, Thomson Reuters will be even more focused on operating at the intersection of global commerce and Regulation ."
Sale Completion Awaiting Regulatory Approval
The sale is subject to regulatory approval and customary closing conditions and is expected to close in the next few months. Thomson Reuters intends to use $1 billion of the proceeds to buy back shares, pay down debt and invest in its other businesses. Any share buybacks will be part of the previously announced $1.5 billion share buyback program.
Jean Eric Salata, founder and Chief Executive of Baring Asia, said, "We look forward to partnering with Intellectual Property & Science management and Onex to support the development of the company globally, particularly in Asia where we see a differentiated growth opportunity. we believe the outlook for the business is underpinned by an increasing shift towards more knowledge driven economies and a continued emphasis on research and development."
Thomson Reuters also announced earlier today the addition of leading FX platform EBS to its Thomson Reuters Trade Notification (TRTN) network, allowing EBS to offer complete Straight through Processing (STP) to its clients.
