Wednesday, information and media company Thomson Reuters Corp. (TRI,TRI.TO), said it has made an offer to buy privately-held provider of online financial commentary Breakingviews.
Though financial terms of the deal were not disclosed, the transaction is expected to be complete within eight weeks. The deal has been accepted by Breakingviews' directors, who has recommended that shareholders accept the offer.
Following the completion of the deal, the combined entity will operate under the Breakingviews brand, with editor-in-chief of Breakingviews, Hugo Dixon, heading the combined commentary team.
New York-based Thomson Reuters said the stand-alone brand would provide its clients with deeper critical insight and analysis, and ensure that there remains a clear distinction between the organization's news service and commentary offering.
David Schlesinger, Editor-in-chief, Reuters said, "The acquisition of Breakingviews brings together two of the most respected and influential teams of business, financial and political news commentators in the world and understandably, we are very excited about the opportunity this presents."
Breakingviews real-time subscription service currently reaches around 15,000 financial professionals such as investment bankers, senior corporate executives, hedge fund managers, lawyers and private equity professionals.
TRI is currently trading at $33.67, down $0.07 or 0.21%, on a volume of 0.18 million shares on the NYSE. TRI.TO is trading at C$34.65, down C$0.30 or 0.86%, on a volume of 0.58 million shares on the TSX.
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