Blackstone to buy Thomson Reuters unit in $20b deal

New York

A group led by Blackstone Group agreed to buy a majority stake in Thomson Reuters Corp’s financial and risk unit in a deal that values the business at $20 billion, sealing plans for the firm’s biggest buyout in a decade.

Canada Pension Plan Investment Board and Singapore’s sovereign wealth fund, GIC Pte, will co-invest alongside Blackstone to acquire 55 per cent of the business, according to a statement Tuesday. Thomson Reuters will retain a 45 per cent equity stake. The unit, which provides data, analytics and trading to Wall Street and financial professionals around the world, doesn’t include the newsgathering operation.