Thomson Reuters (TSX/NYSE: TRI) announced that it has closed the sale of its Intellectual Property & Science (IP&S) business to Onex Corporation and Baring Private Equity Asia for $3.55 billion in cash. Thomson Reuters plans to use about $1 billion of the net proceeds to buy back shares and the balance to pay down debt and reinvest in the business. Any share buybacks will be part of the company’s previously announced $1.5 billion share buyback program.
Following the closing, Thomson Reuters is organized in three business units supported by a corporate center – Financial & Risk, Legal and Tax & Accounting. The company also operates Reuters, a leading provider of real-time, high impact, multimedia news and information services.
Source: Thomson Reuters Press Release