The Wall Street Journal: Thomson Reuters to sell majority stake in its financial business to Blackstone

Thomson Reuters Corp. said Tuesday it will sell a major stake in its financial and risk business to a consortium led by private-equity giant Blackstone Group LP.

Under the partnership agreement, the Blackstone-led consortium will acquire a 55% stake in the financial and risk unit and Thomson Reuters will retain a 45% stake.

Thomson said the deal values the financial and risk business, the news and data company’s largest operation, at $20 billion. The unit, which services banks, money managers and other financial institutions, generated 2017 revenue of about $6 billion, the company said.

Thomson Reuters TRI, +7.07% said it will receive $17 billion in proceeds at closing, funded by $14 billion of debt and equity to be incurred by the partnership and a $3 billion cash equity contribution by Blackstone BX, -1.18% .

>>> Original Source <<<