Baring Asia, Onex buy Thomson Reuters unit for $3.5b

According to a statement, the transaction will be funded with an equity investment of $1.6 billion for 100% ownership of IP&S. This will include a $1.2 billion contribution from the Onex Partners IV fund alongside a number of LP co-investors, including Onex. The deal is expected to close within the year, subject to regulatory approvals, and to precipitate an Asian expansion.

"We look forward to partnering with IP&S management and Onex to support the development of the company globally, particularly in Asia where we see a differentiated growth opportunity," said Jean Eric Salata, founder and CEO of Baring Asia. "Already an established leader in China and across the region, we believe the outlook for the business is underpinned by an increasing shift towards more knowledge driven economies and a continued emphasis on research and development."

Headquartered in Philadelphia, IP&S owns a portfolio of subscription-based businesses providing clients with access to scientific literature, patent, trademark, pharmaceutical and other proprietary curated content. It employs about 4,100 people across more than 75 offices in more than 40 countries.

Baring closed its sixth pan-regional fund at about $4 billion early in 2015, with an aim to provide support for European and North American companies with Asian expansion ambitions. This mandate was most recently exercised with the purchase in May of a 35% stake in Telus International, the business process outsourcing arm of Canadian telecom company Telus, at a post-deal valuation of C$1.2 billion ($920 million).

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• Topics
• North America
• Buyouts
• Expansion
• Support services
• Media
• Asia
• Baring Private Equity Asia
• Canada
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