Tuesday 18 December 2018

Thomson Reuters Financial value is in the data - Blackstone

A Thomson Reuters logo is pictured on a building during the World Economic Forum (WEF) annual meeting in Davos, Switzerland. Photo: Reuters
A Thomson Reuters logo is pictured on a building during the World Economic Forum (WEF) annual meeting in Davos, Switzerland. Photo: Reuters

Jessica Toonkel

Blackstone Group's president Tony James said yesterday that the future of the Thomson Reuters Financial and Risk business is in the data area, not in selling terminal desktop products to traders, bankers and investors.

"We're big believers in data and that's certainly a driver behind the Thomson Reuters business," James said in a call with analysts after Blackstone's fourth-quarter earnings, when asked how the firm was looking at opportunities in data technology and how it might expand its expertise in that area.

"The most valuable part of that business by far is the data part. The terminals are the legacy business for which people think of them but that's not where the future of that company is," he said.

US private equity firm Blackstone this week agreed to buy a majority stake in the Financial and Risk business of Thomson Reuters in a $20bn (€1.6bn) deal. Blackstone Group, the world's largest private equity firm, said fourth-quarter profit rose 4.8pc as holdings appreciated amid widespread market gains.

Rival Apollo Global Management also reported results yesterday, topping the highest of analyst estimates.

Two more US private equity giants, KKR and the Carlyle Group are scheduled to report their fourth-quarter results next week.

(Bloomberg/Reuters)

Irish Independent

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