ThomsonReuters Corp. has closed the sale of its intellectual property and science businessto Onex Corp. and BaringPrivate Equity Asia for $3.55 billion in cash.

The business, now an independent company, will be known asClarivate Analytics. Onex and Baring Private Equity Asia made a $1.6 billionequity investment for 100% ownership of the company. Of that total, $1.2billion was from the flagship fund Onex Partners IV, and certain limitedpartners as co-investors. Onex's share as a limited partner and co-investor wasabout $420 million.

Thomson Reuters plans to use about $1 billion of its netproceeds for share repurchases and will use the balance to pay down debt andreinvest in its business.