Nasdaq to Buy Thomson Reuters Units for $390 Million
Stock Chart for Thomson Reuters Corp (TRI)
Nasdaq OMX Group Inc. (NDAQ) agreed to buy Thomson Reuters Corp. (TRI) units that provide investor and public relations and multimedia services for $390 million in cash as the second-largest U.S. equity exchange seeks to diversify.
The deal is expected to close in the first half of 2013 and the divisions will be integrated into Nasdaq OMX’s Corporate Solutions business, the New York-based exchange said in a statement today. The acquisition will probably add to earnings in the first 12 months, excluding transaction-related costs, Nasdaq OMX said.
Chief Executive Officer Robert Greifeld is diversifying Nasdaq’s business, boosting non-transaction revenue to more than 70 percent of the total. The company this week bought a 25 percent stake in The Order Machine, a Dutch alternative securities-trading system focused on stocks and equity derivatives, and is also setting up a new derivatives trading market in London.
Bloomberg LP, the parent of Bloomberg News, competes with Thomson Reuters in selling financial and legal information and trading systems.
To contact the reporter on this story: Nandini Sukumar in London at email@example.com
To contact the editor responsible for this story: Andrew Rummer at firstname.lastname@example.org