Thomson Reuters expects to complete sale of $3bn-valued intellectual property and science units this year

William Turvill
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Thomson Reuters' Ebitda in the first quarter was up two per cent to $748m (Source: Getty)

Thomson Reuters expects to sell off its intellectual property and science units, which have been valued at around $3bn (£2.1bn), this year.

The US media company said in its first quarter report, released today, that a sale process has been launched and a deal is due to complete in the second half of 2016.

The figures

Thomson Reuters reported a one per cent revenue fall in the first quarter to $2.8bn.

Read more: Cinven is considering a bid for part of Thomson Reuters

Its earnings before interest, taxation, depreciation and amortisation (Ebitda) were up two per cent to $748m.

And its underlying operating profit was $498m, up eight per cent year-on-year.

Thomson Reuters' adjusted earnings per share (EPS) were $0.48, up 23 per cent, or $0.09.

Why it's interesting

Private equity group Cinven and others have been linked with bids for the intellectual property and science units of Thomson Reuters.

The divisions - which reported revenues of $1bn last year and an operating profit of $221m - have been valued at around $3bn by analysts.

Cinven already owns intellectual property firm CPA Global, and sources told City A.M. in March that a bid for the Thomson Reuters intellectual property arm on its own would "make sense".

Thomson Reuters has declined to provide further details on the sale.

What the company said

President and chief executive Jim Smith:

The year is off to a solid start... Today’s results are in line with our expectations and it is encouraging to see the continued positive trajectory of our business, despite a somewhat volatile and challenging period in external markets during the first quarter.