Thomson Reuters is selling IP & Science Business to Onex Corp and Baring Private Equity Asia

Thomson Reuters Corp. (TRI.TO) has confirmed the agreement to sell its intellectual property and science business to private equity firms Onex Corp. (OCX.TO) and Baring Private Equity Asia for $3.55 billion.

In addition to its intellectual property and scientific information, the business provides associated tools and services to governments, universities and companies.

For those of you wondering what Thomson Reuters would do with the amount, the company shared that it would use $1 billion to buy back shares, pay down debt and invest in its other businesses.

The company has also commented that it was exploring strategic options for the unit, which had revenue of around $1 billion in 2014.

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