It was revealed yesterday that Reuters has sold the non-core units for $3.55bn to Canadian buyout group Onex Corporation and Baring Private Equity Asia as the company narrows its focus onto its core financial business. A New York-based team from Allen & Overy led by partner Peter Harwich led legal advice to Reuters on the sale, while also providing IP and tax support. Buyers Onex and Baring instructed Latham & Watkins for the acquisition, with Washington DC-based partner Paul Sheridan and Chicago-based partner Shaun Hartley leading the team.

Landmark deal

Reuters first announced the prospective sale of its science and intellectual property arms in November, sparking widespread interest from private equity houses. The businesses – which include products such as Thomson CompuMark, MarkMonitor, Thompson Reuters Cortellis and Thompson IP Manager – accounted for just 8 per cent of the group’s global revenues in 2014. The $3.55bn sale is the largest transaction involving Thompson Reuters since the acquisition of Reuters Group by Thompson Corporation in 2008.  

Sources: The Lawyer; Financial Times