Thomson Reuters and Blackstone Close
Financial & Risk Transaction
TORONTO, Oct. 1, 2018 /PRNewswire/ -- Thomson Reuters
(TSX/NYSE: TRI) today announced that it has closed the sale of a
55% interest in the company's Financial & Risk business to
private equity funds managed by Blackstone. An affiliate of Canada
Pension Plan Investment Board and an affiliate of GIC invested
alongside Blackstone. The Financial & Risk business is now
known as Refinitiv.
Thomson Reuters received approximately US$17 billion in gross cash proceeds at the
closing. As previously disclosed, the company plans to return an
aggregate of US$10 billion of these
proceeds to its shareholders (including through a previously
announced substantial issuer bid/tender offer, which expires at the
end of the day tomorrow). The company expects to use the remaining
proceeds to redeem approximately US$4
billion of debt (including through its previously announced
debt redemption and debt tender offer), maintain approximately
US$2 billion of cash on its balance
sheet to fund focused acquisitions, and utilize approximately
US$1 billion to cover
transaction-related expenses including cash taxes, pension
contributions, bond redemption costs and other fees and outflows
related to the transaction.
Thomson Reuters
Thomson Reuters (TSX/NYSE: TRI) is the world's leading provider
of news and information-based tools to professionals. Our worldwide
network of journalists and specialist editors keep customers up to
speed on global developments, with a particular focus on legal,
regulatory and tax changes. Thomson Reuters shares are listed on
the Toronto and New York Stock
Exchanges. For more information on Thomson Reuters, visit tr.com
and for the latest world news, reuters.com.
Refinitiv
Refinitiv is one of the world's largest providers of financial
markets data and infrastructure, serving over 40,000 institutions
in over 190 countries. It provides leading data and insights,
trading platforms, and open data and technology platforms that
connect a thriving global financial markets community - driving
performance in trading, investment, wealth management, regulatory
compliance, market data management, enterprise risk and fighting
financial crime. www.refinitiv.com
SPECIAL NOTE REGARDING FORWARD-LOOKING
STATEMENTS
Certain statements in this news
release are forward-looking, including the company's current
expectations regarding its uses of proceeds from the sale and the
anticipated completions of the substantial issuer bid and debt
redemptions. These forward-looking statements are based on certain
assumptions and reflect our company's current expectations. As a
result, forward-looking statements are subject to a number of risks
and uncertainties that could cause actual results or events to
differ materially from current expectations, including factors
discussed in materials that Thomson Reuters from time to time files
with, or furnishes to, the Canadian securities regulatory
authorities and the U.S. Securities and Exchange Commission. There
is no assurance that the events described in any forward-looking
statement will materialize. Except as may be required by applicable
law, Thomson Reuters disclaims any obligation to update or revise
any forward-looking statements.
CONTACTS |
MEDIA
David Crundwell
Head of Communications
+1 416 649 9904
david.crundwell@tr.com |
INVESTORS
Frank J. Golden
Senior Vice President, Investor Relations
+1 646 223 5288
frank.golden@tr.com |