Reuters flogs IP for $3.55bn
Thomson Reuters is selling off the intellectual property and science arm of its business for $3.55bn in cash.
The business, which provides information and related services to companies, universities and governments, has 3,200 employees and will be sold to private equity firms Onex Corporation and Baring Private Equity Asia.
Among the divisions within the arm are Thomson CompuMark, MarkMonitor, Thomson IP Manager and Thomson Innovation.
The company said it was looking to sell the division – which makes profit of $300m on annual revenue of $1bn – back in 2014. The price paid is larger than the $3bn price tag that analysts expected.
The proceeds will be spent on buying back shares, paying down debt and reinvesting in the business, said Thomson Reuters CEO Jim Smith. The company now will focus on "the intersection of global commerce and regulation," he said. ®