Monday 11 July 2016 12:13 pm

Thomson Reuters agrees $3.55bn deal to sell intellectual property and science business

Thomson Reuters has agreed a $3.55bn (£2.73bn) deal to sell its intellectual property and science business.

Canadian buyout group Onex and Baring Private Equity Asia have agreed to acquire the units in cash.

The share price of Thomson Reuters was up 1.3 per cent to $40.89 in out-of-hours trading at the time of writing.

Read more: Buy-out firms vie for Reuters clinical assets

The intellectual property and science business provides information, support tools and services to governments, academia, publishers and corporations.

Jim Smith, president and chief executive of Thomson Reuters, said: “With the completion of this divestiture, Thomson Reuters will be even more focused on operating at the intersection of global commerce and regulation.”

Read more: Thomson Reuters expects to complete sale of $3bn-valued units this year

Thomson Reuters, publisher of Reuters news content, said it expects to use around $1bn of the proceeds to buy back shares, pay down debt and reinvest in the business.

Guggenheim, LLC and JP Morgan are acting as financial advisers to the company.