Thomson Reuters to Use LSE Stake Sale Proceeds for Growth Opportunities, Holder Returns
12 December 2022 - 11:30PM
Dow Jones News
By Robb M. Stewart
OTTAWA--Thomson Reuters Corp. said Monday it plans use the
roughly $1 billion in proceeds it expects from the sale of shares
in the London Stock Exchange to provide returns to its shareholders
and seek opportunities in growth segments.
Microsoft Corp. struck a deal to buy a 4% stake in London Stock
Exchange Group PLC from the information software and news company
and investment funds affiliated with Blackstone Inc. valued at
GBP1.5 billion ($1.8 billion) in all.
Thomson Reuters said the transaction is expected to complete in
the first quarter of next year, subject to antitrust and regulatory
approvals.
Thomson Reuters and Blackstone acquired the London Stock
Exchange shares as part of the sale of Refinitiv, Thomson Reuters'
former Financial & Risk business, to the stock exchange
operator. As part of the deal, which closed in early 2021, Thomson
Reuters and Blackstone agreed to a lock-up of their London Stock
Exchange shares through Jan. 29, 2023.
As part of the transaction with Microsoft, the stock exchange
agreed to amend the terms of the lock-up provisions so that the
number of its shares that Blackstone and Thomson Reuters will be
able to sell, in aggregate, between Jan. 30, 2023, and Jan. 29,
2024, will be unchanged and the number of London Stock Exchange
shares that the two companies can sell between Jan. 30, 2024, and
Jan. 29, 2025, will be reduced by half of the number of shares sold
to Microsoft, Thomson Reuters said.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
December 12, 2022 07:15 ET (12:15 GMT)
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