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Thomson Reuters agrees to sell intellectual property, science biz for $3.55B

has agreedto sell its intellectual property and science business to private equity fundsaffiliated with Onex Corp.and Baring Private Equity Asia for $3.55 billion in cash.

ThomsonReuters said in March that it was exploringa sale of the business and was said to have received bids from BCPartners and Bain Capital for the unit.

Thebusiness being sold provides intellectual property and scientific information,decision support tools and services.

Thesale is subject to regulatory approval and closing conditions, and is expectedto close in the next few months.

Onexand Baring Asia have secured debt and equity commitments for the transaction,which is not subject to any financing condition.

ThomsonReuters expects to use about $1 billion of the net proceeds to buy back sharesand the balance to pay down debt and reinvest in the business. The sharerepurchases will be part of the company's $1.5 billion buyback programannounced inFebruary.

GuggenheimSecurities LLC and J.P. Morgan Securities LLC are acting as financial advisersto Thomson Reuters in the transaction, while Allen & Overy LLP is acting asits legal counsel.