Thomson Reuters Expects 2017 Results To Meet Or Exceed Prior Guidance

01 February, 2018, 01:10 | Author: Jason Torres
  • REUTERS

A consortium led by private equity giant The Blackstone Group LP agreed to buy a majority stake in Thomson Reuters' financial and risk business in a deal that values the unit at roughly $20 billion, the pair said Tuesday, a day after the Canadian media and information company confirmed related talks.

Bloomberg had a 33.4 percent market share, according to 2016 data, compared with 23.1 for Thomson Reuters, according to Burton-Taylor International Consulting LLC.

A spokeswoman for Blackstone declined to comment.

A deal would force Thomson Reuters to consider the future of the loss-making unit where the news business resides, which it already reports separately from the financial and risk unit that drives more than half of earnings. Thomson Reuters stock was up about 9.5% as of 11:15 a.m. EST, while shares of Blackstone were down 1.4%.

The division's current leadership under president David Craig will lead the transition to the new company, where they are expected to join forces with Blackstone staff under a new board of directors. Other smaller companies like FactSet also compete in the market.

After closing of the transaction, Thomson Reuters said it will focus its efforts on expanding its market segment positions and accelerating growth in its Legal, Tax & Accounting and Regulatory businesses.

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At the closing of the proposed transaction, F&R and Reuters News will sign a 30-year agreement for Reuters to supply news and editorial content to the new partnership.

Thomson Reuters said earlier Tuesday that it would retain full ownership of its legal, tax and accounting and Reuters News businesses when details of a possible merger first emerged.

Thomson Reuters has also sought to sell non-core assets, such as its intellectual property and science business, which it sold to private equity firms Onex Corp and Baring Private Equity Asia for US$3.55 billion in 2016.

Woodbridge Co Ltd, the Thomson family's investment company, will take part in the share repurchase, maintaining its ownership in Thomson Reuters in the 50 to 60 percent range.

Thomas Reuters will retain the remaining 45% stake in business, receiving $3bn in cash and $14bn of debt and preferred equity, with the transaction expected to close in the H2 2018.

Thomson Reuters (TRI) announced the company expects to meet its previously announced outlook for 2017, and reported its expectations for the fourth-quarter and full-year ended December 31, 2017.

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