Baring Private Equity Asia and Onex Partners IV LP of Onex Corporation (TSX:OCX) entered into a definitive agreement to acquire intellectual property & science business of Thomson Reuters Corporation (TSX:TRI) for $3.6 billion in cash on July 11, 2016. Onex and Baring Asia have obtained debt and equity commitments for the transaction. The transaction is expected to be funded with an equity investment of approximately $1.6 billion for 100% ownership of IP&S and Onex' portion of the equity investment is approximately $1.2 billion. The sale is subject to regulatory approval and customary closing conditions, including the expiration or termination of applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act, and is expected to close in the next few months. As of August 16, the deal was approved by FTC. Thomson Reuters expects to use about $1 billion of the net proceeds to buy back shares and the balance to pay down debt (primarily commercial paper) and reinvest in the business. Guggenheim Securities, LLC and J.P. Morgan Securities LLC acted as financial advisors and Allen & Overy LLP acted as legal counsel for Thomson Reuters. Paul Sheridan, Shaun Hartley, Adam Kestenbaum, Lisa Watts, Steven Betensky, Kieran Dickinson, Dara Denberg, Jeffrey Chenard, Rachel Sheridan, Shagufa Hossain, Marc Williamson, Sven Völcker and William Schwab of Latham & Watkins LLP acted as legal advisors for Baring Private Equity Asia and Onex Corporation. Richard Barton and Dan Billings of Newgate Communications acted as public relations advisor for Barring Equity. Ashwath Rau and Anu Tiwari of AZB & Partners acted as legal advisor to Onex. Merrill Lynch Canada, Inc. acted as financial advisor for Onex Corporation. Mykola Stetsenko, Andriy Romanchuk, Yuriy Zaremba, Dmytro Tkachuk and Oleksii Maslov of Avellum acted as legal advisor for Baring and Onex. Credit Suisse Securities (Canada), Inc. acted as financial advisor for Onex. Laurie Duke of Torys LLP acted as legal advisor to Onex Corporation. RBC Capital Market acted as financial advisor to Baring Private Equity Asia and Onex Corporation. Morgan Stanley acted as financial advisor to Onex Corporation. E. Marcellus Williamson of Latham & Watkins LLP acted as legal advisor to Baring Private Equity Asia & Onex Corporation. Gordon Bartlett, Andrew Basham, Christian Bayart, Peter Harwich, John Hibbard, Svein Hoexter, Brian Jebb, Elaine Johnston, Frederic Jungels, Joshua Kopel, Dave Lewis, Mark Mansell, Puja Patel, Olivier Picquerey, Daniel Resnick, Leah Sauter, Brian Schultz and Shira Selengut of Allen & Overy LLP acted as legal counsel to Thomson Reuters.

Baring Private Equity Asia and Onex Partners IV LP of Onex Corporation (TSX:OCX) completed the acquisition of intellectual property & science business of Thomson Reuters Corporation (TSX:TRI) on October 3, 2016.