Information solutions provider Thomson Corporation, US, has announced that it has completed the acquisition of Reuters Group PLC, forming Thomson Reuters. The new entity is projected to be a leading source of intelligent information for businesses and professionals in the scientific, healthcare, financial, legal, tax and accounting and media markets.
Thomson Reuters has over 50,000 employees with operations in 93 countries spread across six continents. The company's shares will begin trading on exchanges in Toronto, New York and London, effective immediately.
Thomson Reuters also unveiled its new branding and a global advertising campaign. In addition, the company announced that based on current fundamentals it may repurchase up to $500 million of its shares over the course of the year.
In March, Thomson entered into a pre-defined irrevocable agreement with its broker to allow for the repurchase of Thomson Reuters PLC shares through May 1. The agreement allows Thomson Reuters to be active in the market from soon after closing of the acquisition and during what otherwise would be an internal closed period for trading. All share repurchases will be made in accordance with applicable securities laws, rules and regulations. Shares repurchased will be cancelled by Thomson Reuters PLC.
Thomson Reuters has announced plans to announce results for the first quarter as well as a financial outlook for the remainder of 2008 on May 1, 2008.
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