Thomson Reuters to sell IP-science division for US$3.55 billion to Onex, Baring

NEW YORK – Thomson Reuters is selling its science and intellectual property division for US$3.55 billion in cash to a pair of private equity fund managers, including Onex.

The division employs 4,100 people in 75 offices in 40 countries, with a headquarters in Philadelphia.

It provides specialized information and decision-support tools for clients in the academic, corporate, government and legal communities.

The buyers are private equity funds affiliated with Toronto-based Onex Corp. (TSX:OCX) and Baring Private Equity Asia.

Thomson Reuters (TSX:TRI) says it will use about US$1 billion of the net proceeds to buy back shares and pay down debt.