TORONTO, Aug. 28, 2018 /PRNewswire/ -- Thomson
Reuters (TSX/NYSE: TRI) today announced that it and private equity
funds managed by Blackstone have agreed to close the sale of a 55%
interest in the company's Financial & Risk business on
October 1, 2018, subject to
satisfaction or waiver of customary closing conditions. The closing
of the transaction is not subject to any financing condition. An
affiliate of Canada Pension Plan Investment Board and an affiliate
of GIC will invest alongside Blackstone. After the closing, the
Financial & Risk business will be known as Refinitiv.
![Thomson Reuters logo. (PRNewsFoto/Thomson Reuters) Thomson Reuters logo. (PRNewsFoto/Thomson Reuters)](https://mma.prnewswire.com/media/13199/THOMSON_REUTERS_LOGO.jpg)
Thomson Reuters will receive approximately US$17 billion in gross proceeds when the
transaction closes (subject to purchase price adjustments). Thomson
Reuters plans to return an aggregate of US$10 billion of these proceeds to its
shareholders. The company expects to use the remaining proceeds not
returned to shareholders to redeem approximately US$4 billion of debt, 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 is the world's
leading source of news and information for professional markets.
Our customers rely on us to deliver the intelligence, technology
and expertise they need to find trusted answers. The business has
operated in more than 100 countries for more than 100 years.
Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges (symbol:
TRI). For more information, visit
www.thomsonreuters.com.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this news release are forward-looking,
including the company's current expectations regarding the timing
for closing of the Financial & Risk transaction (which remains
subject to regulatory approval and customary closing conditions)
and the expected use of proceeds of the Financial & Risk
transaction. 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 other
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 a transaction involving all
or part of the Financial & Risk business will be completed or
that other 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
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MEDIA
David
Crundwell
Senior Vice
President, Corporate Affairs
+1 416 649
9904
david.crundwell@tr.com
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INVESTORS
Frank J.
Golden
Senior Vice
President, Investor Relations
+1 646 223
5288
frank.golden@tr.com
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SOURCE Thomson Reuters