Blackstone bets big on Wall St. data business with Thomson Reuters deal: Reuters
U.S. private equity firm Blackstone Group LP catapulted itself into the major leagues of Wall Street’s financial information industry this week with the acquisition of a majority stake in the Financial and Risk business of Thomson Reuters Corp, Reuters reported. The US$20 billion deal is Blackstone’s biggest bet since the financial crisis. Blackstone will acquire a 55 percent stake in a newly hived off F&R business, while Thomson Reuters will retain a 45 percent holding. Canada Pension Plan Investment Board and Singapore’s GIC will invest alongside Blackstone. The deal will give Thomson Reuters, controlled by Canada’s Thomson family, a formidable ally as it seeks to reinvigorate a business facing challenges from a shrinking and budget-conscious customer base.
