Singapore's sovereign wealth fund GIC got on board the Blackstone-led acquisition of the financial and risk business of Thomson Reuters, a further investments in the field of financial data providers.
Singapore's state-run wealth fund GIC teamed up with the Canada Pension Plan Investment Board and Blackstone in the transaction to acquire the Thomson Reuters unit, GIC said on its website today.
Under the partnership agreement announced yesterday, the consortium will own 55 percent of the equity in a new corporation created to hold the F&R business and Thomson Reuters will retain a 45 percent equity stake, at an overall valuation of $20 billion, Blackstone said.
GIC Investments
The deal is the second financial data investment in quick succession for the city-state’s sovereign wealth fund. GIC invested in China Lianhe Credit Rating, snapping up Fitch Rating's 49 percent stake in the Chinese earlier this year.
The Thomson Reuters deal will pitch Blackstone's Stephen Schwarzman against Michael Bloomberg over the financial data and analytics market. The «Reuters» news service is not included in the transaction and will remain part of Thomson Reuters.
