Thomson Reuters has agreed to sell its Intellectual Property & Science (IP&S) division to Onex Corp and Baring Private Equity Asia for $3.55bn (£2.73bn).
The information company is selling the arm to concentrate on its core financial products after losing market share following the financial crash, according to Bloomberg.
The IP&S division, which provides intellectual property, scientific information and other tools to subscribers and includes brands like Web of Science, Thomson CompuMark, Thomson Innovation, among others, makes a round $1bn in revenue and has more than 3,200 employees.
Thomson Reuters will use $1bn of the proceeds to reduce debt and buy back stock as part of a previously announced $1.5bn plan, according to a statement from the company on Monday.
Thomson Reuters c.e.o, Jim Smith, said in an e-mail to employees this morning (11th July): “This divestiture marks an important step in sharpening our focus on the intersection of global commerce and regulation.”
Onex and Baring Asia have obtained debt and equity commitments for the deal, Thomson Reuters said. The transaction is expected to close later this year after regulatory approvals.