BRIEF-Thomson Reuters to sell IP & Science unit to Onex, Baring Asia for $3.55 bln

Mon Jul 11, 2016 6:41am EDT
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July 11 (Reuters) - Thomson Reuters Corp :

* Announces definitive agreement to sell its Intellectual Property & Science business to Onex and Baring Asia for $3.55 billion

* Expects to use about $1 billion of net proceeds to buy back shares and balance to pay down debt and reinvest in business

* Guggenheim Securities, LLC and J.P. Morgan Securities LLC are acting as financial advisors to Thomson Reuters for proposed divestiture

* Sale is not subject to any financing condition

* Any share buybacks from net proceeds will be part of previously announced $1.5 billion share buyback program

* Onex and Baring Asia have obtained debt and equity commitments for transaction

* Allen & Overy LLP is acting as legal counsel for Thomson Reuters Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)