Multinational media corporation Thomson Reuters, owner of Reuters, said it has negotiated the sale of its businesses in the field of intellectual property and science to the private equity companies Onex and Baring Private Equity Asia for $3.55 billion in cash, reported Reuters.
The business being sold provides information in the field of intellectual property and science and the related tools and services for governments, universities, and companies.
Thomson Reuters stated on Monday that it will use 1 billion dollars of the net inflows to repurchase shares, repay part of its debt and invest in its other businesses.
In November, the company announced that it is examining strategic options for the division, which in 2014 achieved revenues of around $1 billion.
“With the completion of this divestiture, Thomson Reuters will be even more focused on operating at the intersection of global commerce and regulation,” said CEO Jim Smith, quoted by Bloomberg.
New York-based Thomson Reuters consolidates the way in which it provides services in order to save money after losing market share because of the financial crisis, according to Bloomberg Intelligence.