Thomson Reuters Corp (TSE:TRI, Mkt cap 40.52B, P/E 26.96, Div/yield 0.44/3.21, EPS 2.02, Shares 741.16M) has completed the sale of its Intellectual Property & Science (IP&S) business, a deal first announced in July.
The divested business provides comprehensive intellectual property and scientific information. Its brands include Web of Science, Cortellis, Thomson Innovation, Derwent World Patents Index, Thomson CompuMark, MarkMonitor and Thomson IP Manager and Techstreet.
Following the sale of the business, the newly independent company will be known as Clarivate Analytics.
“We’re excited to move forward as an expert, objective and agile source of authoritative knowledge,” commented Vin Caraher, CEO of Clarivate Analytics. “Our solutions sit at the center of almost every major university, government and business, supporting those working within the lifecycle of innovation who strive to make a difference. As a market leader, we look forward to building on our strong foundation as an independent company.”
When the deal was announced on July 11, Jim Smith, president and CEO of Thomson Reuters, said: “With the completion of this divestiture, Thomson Reuters will be even more focused on operating at the intersection of global commerce and regulation.”
Thomson Reuters is now organized in three business units supported by a corporate center — Financial & Risk, Legal, and Tax & Accounting. The company also operates the Reuters news agency.
Thomson Reuters plans to use about $1bn of the net proceeds from the sale to buy back shares as part of its previously announced $1.5bn share buyback program. The balance will be allocated to paying down debt and reinvesting in the business.
Thomson Reuters Corporation is a provider of intelligent information for businesses and professionals. The Company is organized into four business units: Financial & Risk, Legal, Tax & Accounting and Intellectual Property & Science. Financial & Risk business unit provides news, information and analytics, enabling transactions and bringing together financial communities. It also provides regulatory and operational risk management solutions. Legal business unit provides online and print information, decision tools, software and services that support legal, investigation, business and government professionals. Tax & Accounting business unit provides integrated tax compliance and accounting information, software and services for professionals in accounting firms, corporations, law firms and government. Intellectual Property & Science business unit provides intellectual property and scientific information, decision support tools and services. More from Reuters »
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