A Blackstone-led consortium has completed its acquisition of a majority stake in Thomson Reuters’ financial & risk business.
The consortium, which includes Canada Pension Plan Investment Board and GIC, now owns 55% of the equity in a new corporation created to hold the F&R business. Thomson Reuters retains a 45% equity stake, at an overall valuation of $20bn.
The Financial & Risk business, which is now known as Refinitiv, providers financial markets data and infrastructure, serving over 40,000 institutions in over 190 countries.
It provides data and insights, trading platforms, and open data and technology platforms that connect the global financial markets community. The company claims to drive performance in trading, investment, wealth management, regulatory compliance, market data management, enterprise risk and fighting financial crime.
Through this investment and carve out of F&R by the Blackstone-led consortium, the new Refinitiv business expects to invest in content coverage, AI and analytics across its open data platforms Elektron and Eikon for buy-side, trading, wealth and banking customers. It also plans to invest in enhanced capabilities for its leading platforms for trading, as well as in indices, risk management, and fighting financial crime.
David Craig, CEO of Refinitiv, said: “We firmly believe that efficient, transparent and trusted markets are good for all and that Refinitiv’s role is at the heart of this, providing access to clean and consistent data on a global scale.
“With the backing of our investors, Refinitiv will continue to deliver the critical data, insights and open technology infrastructure that the market has come to expect while driving progress for our customers across trading, risk, banking, wealth and investment management and in areas such as financial crime and ESG investment. We look forward to exciting times ahead.”
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