Thomson Reuters OKs US27B sale of Refinitiv to London Stock Exchange Group

Companies in this story: (TSX:TRI)The Canadian Press TORONTO — Thomson Reuters Corp. and its partners represented by the Blackstone fund group have agreed to sell the Refinitiv financial information business to the London Stock Exchange Group for shares worth US$27 billion.Thomson Reuters will end up with a 15 per cent interest in the London Stock Exchange Group, subject to approvals.The announcement is in line with news reports that prompted the Toronto-based company to confirm last weekend that discussions about the sale of Refinitiv were at an advanced stage.Refinitiv was formerly the largest division of Thomson Reuters, until the information services company sold a 55 per cent stake in it in October to a group led by the Blackstone Group.Thomson Reuters says the Refinitiv deal will give it a share of future dividends generated by the London Stock Exchange Group, which it says is positioned for growth in a consolidating financial services industry.Thomson Reuters also announced that its second-quarter revenue was up nine per cent from the same time last year, mainly due to fees paid by Refinitiv since it was spun off. read more