Thomson to sell learning assets for 7.75 billion dlr
Thomson Corp agreed to sell its higher education assets for $ 7.75 billion in cash, helping fund its $ 17.5 billion takeover offer for Reuters Group Plc.
By Agencies |
NEW YORK: Thomson Corp agreed to sell its higher education assets for $ 7.75 billion in cash, helping fund its $ 17.5 billion takeover offer for Reuters Group Plc.
Funds advised by Apax Partners and the Ontario Municipal Employees Retirement System agreed to buy Thomson Learning and Nelson Canada, Thomson said today in a statement.
Thomson, owner of the Westlaw legal database and TradeWeb bond-trading network, this week offered 8.77 billion pounds in cash and stock for Reuters in a merger that would create the biggest financial news and information company. The Canadian company said in October that it planned to sell its learning assets.
Thomson's bid for London-based Reuters calls for about half the purchase price to be paid in cash and half in stock.
Shares of Toronto-based Thomson rose 2 cents to Canadian dollar 45 on Thursday on the Toronto Stock Exchange. The stock has fallen 7 per cent this year.
Morgan Stanley and RBC Capital Markets advised Thomson on the sale. Evercore Partners Inc. and Atlas Advisors worked with Apax and the retirement funds.
The learning transaction is scheduled to close in the third quarter.
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