Topic: How To Invest

The Successful Investor Hotline – Friday, August 2, 2019

Article Excerpt

THOMSON REUTERS CORP., $88.35, Toronto symbol TRI, sold 55% of its Financial & Risk business (now called Refinitiv) on October 1, 2018, to a consortium led by Blackstone Group LP (New York symbol BX). Refinitiv sells specialized information products to financial clients such as banks and brokerages. In exchange, Thomson received $17 billion—$3 billion in cash and $14 billion in notes and preferred shares (all amounts except share price in U.S. dollars). As a result, the company is now focused on its business of selling specialized information to professionals in the legal, and tax and accounting fields. It also owns the Reuters news service. This week, Thomson and Blackstone agreed to sell Refinitiv to the London Stock Exchange Group plc (Over-the-counter Pink Sheets symbol LDNXF) in an all-stock transaction. Under the terms of the deal, Thomson will own 15% of the combined firm. Based on LSE’s current share price, that stake is worth roughly $6.7 billion. As well, Thomson will benefit from cost savings…

You are trying to access subscriber-only content.

To read this article, you may subscribe or sign in.
If you are already a subscriber, log in here.

If you wish to become a subscriber, click here. Or you may enjoy access to all our publications when you become a Member of Pat McKeough's Inner Circle Pro.