Thomson Reuters to sell IP & science business for $3.55b

Thomson Reuters Corp said it agreed to sell its intellectual property and science business to private equity firms Onex Corp and Baring Private Equity Asia for $3.55 billion in cash.

The business being sold provides intellectual property and scientific information and associated tools and services to governments, universities and companies.

Thomson Reuters said on Monday it would use $1 billion of the net proceeds to buy back shares, pay down debt and invest in its other businesses.

The company said in November it was exploring strategic options for the unit, which had revenue of about $1 billion in 2014.

Thomson Reuters is the parent company of Reuters News.

Guggenheim Securities and JP Morgan Securities were financial advisers to Thomson Reuters. Allen & Overy LLP was legal counsel.