Thomson Reuters to Sell 51% Stake in Global Print Business to KKR for $500 Million
Synopsis
Thomson Reuters will sell a 51% stake in its Global Print business to KKR for about $500 million while retaining editorial control, intellectual property rights and a 49% stake in the new joint venture.
Key Highlights
- Thomson Reuters has agreed to sell a 51% stake in its Global Print business to KKR for approximately $500 million.
- The companies will create a new venture to publish Thomson Reuters content, in print and digital books.
- Editorial rights, intellectual property and a 49% ownership of the venture are retained by Thomson Reuters.
Thomson Reuters said it has reached an agreement to sell a 51% stake of its Global Print business for approximately $500 million in cash to private equity firm KKR. The companies will set up a joint venture which would hold the exclusive publisher’s license for the sale of Thomson Reuters intellectual property in book print and digital formats
Global Print Business
Each year, Global Print provides its customers across the globe with legal and tax information through print and digital books. It also serves as a commercial printer for book publishers.
KKR Expands Media Investments
KKR has purchased media and publishing companies that larger acquirers have been divesting as they pivot to more quickly growing digital businesses.
As part of the agreement, Thomson Reuters said that the separation will result in a dedicated investment in its Global Print business, as well as improved operational capabilities and acting with greater independence than it could within the larger firm.
Source: Reuters
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