Thomson Reuters Corp. said its financial and risk business will be rebranded Refinitiv once the company's strategic partnership deal with Blackstone Group LP is finalized.
The new name was driven by customer and industry influencer feedback and reflects "definitive action in financial markets and a bold focus on the future," according to a July 27 release.
Under the terms of the strategic partnership deal, Thomson Reuters will sell a 55% stake in the business to private equity funds managed by Blackstone for approximately $17 billion, while keeping a 45% interest. Canada Pension Plan Investment Board and a GIC affiliate will invest alongside Blackstone.
The business, currently known as Thomson Reuters Financial & Risk, provides financial markets data and infrastructure to about 40,000 institutions in more than 150 countries. It will become a stand-alone entity once the transaction closes, expected in the second half.