After fatal engine blow on Southwest flight, FAA orders more plane inspections
Chemical weapons inspectors allowed to visit Douma
Rudy Giuliani is joining Trump's legal team
GM Appoints New Cadillac President After US Sales Fall
Reuters Information to Get $325M Yearly Below Blackstone Supply
31 January 2018, 07:33 | Kenneth Drake
Reuters Alessia Pierdomenico
According to reports, Blackstone is looking to take a 55% stake in Thomson Reuters' $20bn financial and risk business, which supplies investment groups and banks with news, data and analytics. GIC could not immediately be reached for comment.
Reuters was unable to determine who would lead the new division.
Thomson Reuters' New York-listed shares surged more than 10 percent in pre-market trading to around $48 on Tuesday, ranking it among the top five percentage gainers before the bell.
Thomson Reuters, which is worth about $31 billion, is a Canadian news and financial information company that was formed by the merger of Thomson Corporation and Reuters Group, its British rival, in 2008. The company gave no more details.
Thomson Reuters, which is based in Toronto, said it would retain a significant interest in the financial and risk business after any deal and would retain full ownership of its legal, tax and accounting, and news operations.
The new F&R company will make minimum annual payments of $325 million to Reuters to secure access to its news service, equating to nearly $10 billion. In 2016, Reuters reported $304 million revenue from its media business.
Thomson Reuters said it will use the bulk of the $17 billion proceeds from the transaction, estimated at $9 billion to $11 billion, to buy back shares in a bid/tender offer to all common shareholders on the close of the transaction. Using the proceeds, the company expects to pay down sufficient outstanding debt to remain below its target net debt-to-EBITDA leverage ratio of 2.5x (debt repayment estimated at approximately $3 billion). According to a regulatory filing last month, Woodbridge holds 63.6% of Thomson Reuters shares.
Blackstone has some experience in the information business.
Are 'Heat-Not-Burn' Tobacco Products Safer Than Cigarettes?
On July 28, FDA Commissioner Scott Gottlieb announced plans for a sweeping regulatory "road map" on tobacco and nicotine products. One claim the committee voted in favor of was that iQOS reduces the body's exposure to harmful or potentially harmful chemicals.
How to Stream the 2018 State of the Union Address Online
The speech will attempt to show that the American people had every right to be optimistic when Trump took office previous year . Developments in the special counsel probe into Russia's meddling in the 2016 election also often overshadow his plans.
Melania Trump: Jet-setter on the taxpayer dime
Holocaust Memorial Museum in Washington, D.C., before heading to Mar-a-Lago in Palm Beach, Fla., on Thursday. She reportedly visited the spa, then quickly left on Friday, right before a fundraiser was to be held there.