Thomson Reuters Corp’s Financial and Risk unit, in which U.S. private equity firm Blackstone Group is buying a majority stake, will be renamed Refinitiv once the deal closes, the company said in a statement on Friday.
Blackstone is making its biggest bet since the financial crisis with the US$20 billion deal, which pits co-founder Stephen Schwarzman against fellow billionaire and former New York Mayor Michael Bloomberg in the financial information industry.
The Thomson Reuters unit provides information and related services to financial services professionals. David Craig, current head of Financial and Risk, will be CEO of Refinitiv, Thomson Reuters said in the statement.
The deal is expected to close in 2018, it said.
Thomson Reuters is the parent company of Reuters News.
Update: Canada’s Thomson family controls more than 63 percent of Thomson Reuters shares through Woodbridge Co Ltd.
(Reporting by Tommy Wilkes; Editing by Jason Neely and Nick Tattersall)
(This story has been edited by Kirk Falconer, editor of PE Hub Canada)