Thomson Reuters to sell IP and science division for $3.55 billion

Thomson Reuters, owner of the Reuters News service, announced Monday that it is selling its intellectual property and sciences division to private equity firms Onex and Baring Private Equity Asia for $3.55 billion in cash.

The Philadelphia-based division provides intellectual property and scientific information to companies, governments and universities, offering patent and trademark tools, scientific literature and other content. The unit employs around 4,100 people in more than 75 offices over 40 countries.

With the cash from the deal Thomson Reuters said it would use $1 billion to buy back shares as part of a previously announced $1.5 billion buyback program it announced in February. The cash will also be used to pay down debt and reinvest in its other businesses.

The company has been exploring selling off the division since last November, opting to turn focus towards its core businesses. The deal is expected to close later this year.

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