Thomson Reuters to Sell Intellectual Property and Science Business for $3.55 Billion
11 Luglio 2016 - 1:58PM
Dow Jones News
By Anne Steele
Thomson Reuters Corp. on Monday said it agreed to sell its
intellectual property and science business to private-equity funds
affiliated with Onex Corp. and Baring Private Equity Asia for $3.55
billion in cash.
The company earlier this year moved to sell the unit as part of
the news and information service provider's bid to stabilize its
core businesses. The intellectual property and science business's
portfolio includes Web of Science, Thomson CompuMark, Thomson
Innovation, MarkMonitor, Thomson Reuters Cortellis and Thomson IP
Manager.
"With the completion of this divestiture, Thomson Reuters will
be even more focused on operating at the intersection of global
commerce and regulation," said Chief Executive Jim Smith.
Thomson said it expects to use about $1 billion of the proceeds
to buy back shares -- as part of the previously announced $1.5
billion share buyback program -- and the balance to pay down debt
and reinvest in the business.
The New York company generates about half of its revenue from
its financial and risk segment, which has been pinched as some
clients, including banks, have sought to pare expenses amid a
tougher trading environment.
Write to Anne Steele at Anne.Steele@wsj.com
(END) Dow Jones Newswires
July 11, 2016 07:43 ET (11:43 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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