October 01, 2018
Torys was Canadian counsel to Thomson Reuters with a team that included Cornell Wright, Richard Balfour, Glen Johnson, David Forrester and Crystal Chung (corporate), Jerald Wortsman and Andrew Silverman (tax), Dany Assaf (foreign investment and competition), Mitch Frazer and Bradley Tartick (employment), Tom Zverina (lending), Aaron Emes (research and opinions) and James C. Tory (litigation).
On October 1, 2018, Thomson Reuters announced that it closed the sale of a 55% interest in the company's Financial & Risk business, now known as Refinitiv, to private equity funds managed by Blackstone. An affiliate of Canada Pension Plan Investment Board and an affiliate of GIC invested alongside Blackstone.
Thomson Reuters received approximately US$17 billion in gross cash proceeds at the closing. As previously disclosed, the company plans to return an aggregate of US$10 billion of these proceeds to its shareholders (including through a previously announced substantial issuer bid/tender offer, which expired October 2, 2018). The company expects to use the remaining proceeds to redeem approximately US$4 billion of debt (including through its previously announced debt redemption and debt tender offer), maintain approximately US$2 billion of cash on its balance sheet to fund focused acquisitions, and utilize approximately US$1 billion to cover transaction-related expenses including cash taxes, pension contributions, bond redemption costs and other fees and outflows related to the transaction.
Thomson Reuters is the world's leading provider of news and information-based tools to professionals. Their worldwide network of journalists and specialist editors keep customers up to speed on global developments, with a particular focus on legal, regulatory and tax changes. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges.
Further information can be found on Canada Newswire’s website.