An Intellectual Property Company!
Thomson Reuters yesterday sold its intellectual property and science business to private equity firms Onex CorpÂ and Baring Private Equity Asia. Thomson which has 3,200 employees, provides intellectual property and scientific information and associated tools and services to governments, universities and companies.
“This divestiture marks an important step in sharpening our focus on the intersection of global commerce and regulation,” wrote Chief Executive Officer Jim Smith, in an e-mail to employees Monday morning. “We expect to use the proceeds from the transaction to buy back shares and the balance to pay down debt and reinvest in the business.”
The excellent Allen & Overy LLP was legal counsel.