GIC joins Blackstone consortium buying stake in Thomson Reuters' financial, risk business

FSMNews

FSMNews

Blackstone has a track record of cutting costs and, as one of the world's biggest investors, it has business relationships with most of the major banks on Wall Street that are clients for Thomson Reuters' flagship desktop product Eikon.

Information giant Thomson Reuters (NYSE:TRI) said in a statement issued late on Monday that "it is in advanced discussions with Blackstone regarding a potential partnership in its F&R business". Thomson Reuters employs about 6,300 people in the United Kingdom, with its headquarters in Canary Wharf in London.

Even as Thomson Reuters struggled to speed up growth in financial and risk, the division had come to dominate Thomson Reuters's fortunes, accounting for $6.1-billion of the company's $11.2-billion in total revenue in 2016. The group also owns a major worldwide news operation and a unit that specializes in legal and tax and accounting services. It now controls a third of the market, compared to less than a quarter for Thomson Reuters.

Bloomberg LP, the parent company of Bloomberg News, competes with Thomson Reuters in providing news, data and information to the financial industry.

Thomson Reuters announced that it has signed a definitive agreement to enter into a strategic partnership with Blackstone.

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.

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Shares in Thomson Reuters Corp. jumped 7 per cent higher to $57.37 (Canadian) on Tuesday, after Reuters first reported the deal, clawing back most of the 8 per cent lost over the last 12 months.

"Reuters News will maintain complete editorial freedom, and continue to operate under the Trust Principles". The Thomsons, descended from company founder Roy Thomson, remain some of the richest people in Canada.

Loan Pricing Corp is a unit of Thomson Reuters. EPS is projected to be down approximately 50% from 2016, primarily due to a $2 billion gain realized in 2016 on the sale of the company's IP & Science business.

The Thomson Reuters deal will be done by Blackstone's private equity unit, which is in the process of deploying an $18 billion fund.

Ltd. will hold a 55 percent equity stake in a new company formed to house.

"Thomson Reuters does not expect to comment further on market speculation or disclose any further developments unless and until it determines that further disclosure is appropriate or required", the company said in a statement.

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