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The Toronto-based legal and financial tech company said investment firm KKR is buying a 51 per cent stake in its book publishing business. (The Logic)
Talking point: CEO Steve Hasker said in a release that the sale will sharpen Thomson Reuters’s focus on AI. Still, the company’s shares fell nearly two per cent on the Toronto Stock Exchange on Tuesday afternoon. Publishing has been an influential part of the company’s history, with the Thomson Corporation’s acquisition of West Publishing in the 1990s serving as the basis of its digital Westlaw database that remains widely used in law firms. Thomson Reuters will retain control of editorial and intellectual property rights for its book business, but has pledged to “give KKR a minimum return on its equity investment” as part of the deal, which it expects to close in the fourth quarter.
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