ONEXF Onex Corp Sub Vtg Shs (PK)

By Anne Steele 

Thomson Reuters Corp. on Monday said it agreed to sell its intellectual property and science business to private-equity funds affiliated with Onex Corp. and Baring Private Equity Asia for $3.55 billion in cash.

The company earlier this year moved to sell the unit as part of the news and information service provider's bid to stabilize its core businesses. The intellectual property and science business's portfolio includes Web of Science, Thomson CompuMark, Thomson Innovation, MarkMonitor, Thomson Reuters Cortellis and Thomson IP Manager.

"With the completion of this divestiture, Thomson Reuters will be even more focused on operating at the intersection of global commerce and regulation," said Chief Executive Jim Smith.

Thomson said it expects to use about $1 billion of the proceeds to buy back shares -- as part of the previously announced $1.5 billion share buyback program -- and the balance to pay down debt and reinvest in the business.

The New York company generates about half of its revenue from its financial and risk segment, which has been pinched as some clients, including banks, have sought to pare expenses amid a tougher trading environment.

Write to Anne Steele at Anne.Steele@wsj.com

(END) Dow Jones Newswires

July 11, 2016 07:43 ET (11:43 GMT)

Onex Corp Sub Vtg Shs (PK) (USOTC:ONEXF)
Historical Stock Chart
From Jan 2025 to Feb 2025

Onex Corp Sub Vtg Shs (PK) (USOTC:ONEXF)
Historical Stock Chart
From Feb 2024 to Feb 2025