Thomson frees cash to buy Reuters
Published May 12th, 2007
Canadian data provider Thomson has agreed to sell its education business for $7.75bn (£3.7bn) in cash.
Apax Partners, a private equity group, and an Ontario-based pension fund, will buy Thomson Learning and textbook provider Nelson Canada.
The sale price sailed past analysts’ forecasts and will give Thomson a large cash boost to help fund its purchase British news agency Reuters.
A Reuters tie-up could cost Thomson $17.5bn in cash and shares.
Thomson shares jumped after the announcement and closed up 3.60% to stand at $42.02 at the end of New York trading.
Reuters shares advanced 1.91% on the London Stock Exchange to settle at 613p.
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