The London Stock Exchange Group (LSEG) has confirmed that it is in “advanced discussions” to buy Refinitiv for around $27 billion, including around $12.2 billion in debt. These discussions are regarding Board membership, governance and other relationship agreement terms including lock-up provisions, which reflect a long-term partnership. In a statement LSEG says new LSEG shares […]
A number of long-serving staff members have left Refinitiv – previously branded as Thomson Reuters Financial & Risk unit – since it was acquired by a consortium led by Blackstone in October.
Although a spokesperson for Refinitiv declines to comment, Profit & Loss understands that Mechelle Magante, Susan Gammage, Lorraine Ferrari, Jim Ball, Paul Callahan and Bob Bricken have all left the firm. All of them were based in New York.
Magante joined then-Reuters in 2004 as an FX product specialist and stayed on after the firm merged with the Thomson Corporation in 2008. At the time of her departure, Magante was a senior FX relationship manager.
The previously announced deal for a consortium led by Blackstone to acquire 55% of the equity in Thomson Reuters’ Financial & Risk (F&R) business has now officially been completed.
The deal values the F&R business, which has now been rebranded as Refinitiv, at $20 billion.
Martin Brand, senior managing director at Blackstone, says: “We are pleased to close this landmark partnership transaction with Thomson Reuters. Blackstone is excited to invest in Refinitiv to pursue a business plan focused on accelerating growth through innovation, in partnership with Refinitiv’s customers.”
Regular readers will know I am unsurprised to read reports of Blackstone pondering the sale of FXall once it completes its takeover of a majority stake in Thomson Reuters F&R, because (for once, I know, before you all message me) I predicted such a thing in this column in June.
What I find interesting in the latest production from the rumour mill is how it is only the sale of FXall – Matching and the other channels are not mentioned.
Following the closing of the strategic partnership transaction between Thomson Reuters and private equity funds managed by Blackstone, the Thomson Reuters Financial & Risk business will be known as Refinitiv.
Closing of the transaction is expected to occur in the second half of 2018 and until then the business will continue to be known as Thomson Reuters Financial & Risk. The firm says, “The new name was created based on feedback from customers and industry influencers on the intrinsic value of the Financial & Risk business to the industry.”
I’ve spent too much time for anyone’s good on US legal and regulatory matters recently so, apart from saying that having listened to the oral arguments for Mark Johnson’s bail case I am much more optimistic about his appeal – the government’s case does appear to be at best careless, at worst misleading – I want to get into a regular staple of this column, the rumour mill!
It is inevitable when a deal gets done in the platform world, especially when it involves an exchange, that we inevitably look for the next deal.
US private equity group Blackstone has agreed to buy 55% of the Financial and Risk (F&R) business of Thomson Reuters – a unit that includes the trading platforms owned by the firm.
The deal values the F&R Division at $20 billion the firms say, adding that Thomson Reuters will receive around $17 billion in gross proceeds, roughly what – in dollar terms – Thomson Corporation paid for Reuters when it bought it in 2008.
Thomson Reuters will retain the news service as well as the legal and tax and accounting divisions, it would also retain a 45% stake in the new business, which will provide news, data, analytics and trading services.