Thomson Reuters
and Blackstone Agree to Close Financial & Risk Transaction on
October 1, 2018
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 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
http://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 |
INVESTORS
Frank J. Golden
Senior Vice President, Investor Relations
+1 646 223 5288
frank.golden@tr.com |