The Thomson Corporation has announced it has completed its acquisition of Reuters Group, forming Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals in the financial, legal, tax and accounting, scientific, healthcare and media markets.
Thomson Reuters has more than 50,000 employees with operations in 93 countries on six continents and 2007 pro forma revenues of about $12.4 billion (Dh46bn).
Thomson Reuters shares will begin trading on exchanges in Toronto, New York and London and are eligible for inclusion in S&P/TSX and FTSE 100 UK indices.
Thomson Reuters Corporation’s common shares are listed on the Toronto Stock Exchange and the New York Stock Exchange under the ticker symbol “TRI”. Thomson Reuters PLC’s ordinary shares are listed on the London Stock Exchange under the symbol “TRIL” and its ADSs are listed on Nasdaq under the symbol “TRIN”.
Thomas H Glocer, CEO of Thomson Reuters, said: “This is a very exciting day for our shareholders, customers and employees. Thomson Reuters will deliver the intelligent information needed to give businesses and professionals the knowledge to act.
We call our information ‘intelligent’ because it is not only insightful, highly relevant and timely, but is also made available in formats which applications can consume and to which they can add further value. We are currently witnessing the maturation of the information economy, and content from Thomson Reuters will be its currency.”
“Thomson Reuters will benefit from the value created by more diversified revenue streams, a larger capital base and synergies resulting from the acquisition. Our leadership position and global footprint will give us opportunities to grow faster than either Thomson or Reuters could have on its own.”
Thomson Reuters unveiled its new branding and a global advertising campaign. Glocer said: “The dynamic new corporate identity is a marked departure from the historical look and feel of the two companies and represents Thomson Reuters positioning as the world’s leading source of intelligent information to businesses and professionals.”
Thomson Reuters announced that based on current fundamentals it may repurchase up to $500m of its shares over the course of the year. “Our plans to buy back Thomson Reuters shares underscores our financial strength and focus on shareholder value,” said Glocer.
“We will manage Thomson Reuters’ capital structure and set our cash distribution policy so as to maintain a strong yet efficient balance sheet,” he said.
In March, Thomson entered into a pre-defined irrevocable agreement with its broker to allow for the repurchase of Thomson Reuters PLC shares through May 1. The agreement allows Thomson Reuters to be active in the market from soon after closing of the acquisition and during what otherwise would be an internal closed period for trading.
On May 1, Thomson Reuters plans to announce results for the first quarter of this year. For details go to www.thomsonreuters.com.
Thomson Corp buys Reuters Group